Document:

Exhibit 4.11

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                CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,

                        as Depositor and Administrator

                                      and

                     CHASE CREDIT CARD OWNER TRUST 2003-5

                                   as Issuer

                                    DEPOSIT

                                      AND

                           ADMINISTRATION AGREEMENT

                        Dated as of September 30, 2003

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                               TABLE OF CONTENTS

                                  ARTICLE I
                                 DEFINITIONS

SECTION 1.1 Definitions.......................................................1
SECTION 1.2 Usage of Terms....................................................1

                                  ARTICLE II
                            DEPOSIT OF CERTIFICATE

SECTION 2.1 Deposit of Certificate and Initial Deposit........................1
SECTION 2.2 Closing...........................................................2
SECTION 2.3 Books and Records.................................................2
SECTION 2.4 Holder of the Series Certificate..................................3

                                 ARTICLE III
                   DEPOSITOR REPRESENTATIONS AND WARRANTIES

SECTION 3.1 Representations and Warranties of Depositor.......................3

                                  ARTICLE IV
                                ADMINISTRATION

SECTION 4.1 Duties as Administrator...........................................5
SECTION 4.2 Records..........................................................12
SECTION 4.3 [Reserved].......................................................12
SECTION 4.4 Additional Information To Be Furnished to Issuer.................12
SECTION 4.5 Independence of Administrator....................................12
SECTION 4.6 No Joint Venture.................................................12
SECTION 4.7 Other Activities of Administrator................................12
SECTION 4.8 Net Deposits

                                  ARTICLE V
                                 TERMINATION

SECTION 5.1 Term of Agreement; Resignation and Removal of Administrator......13
SECTION 5.2 Action upon Termination, Resignation or Removal..................14
SECTION 5.3 Acquisition of Owner Trust Estate................................15

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                                  ARTICLE VI
                                MISCELLANEOUS

SECTION 6.1 Notices..........................................................15
SECTION 6.2 Amendments.......................................................16
SECTION 6.3 Protection of Title to Owner Trust...............................16
SECTION 6.4 Successors and Assigns...........................................17
SECTION 6.5 GOVERNING LAW....................................................17
SECTION 6.6 Headings.........................................................18
SECTION 6.7 Counterparts.....................................................18
SECTION 6.8 Severability.....................................................18
SECTION 6.9 Not Applicable to Chase Manhattan Bank USA, National
              Association in Other Capacities................................18
SECTION 6.10 Limitation of Liability of Owner Trustee, Indenture
              Trustee and Administrator......................................18
SECTION 6.11 Third-Party Beneficiary.........................................19
SECTION  Nonpetition Covenants...........................................19
SECTION 6.13 Liability of Administrator......................................19

Exhibit A Power of Attorney

                                      ii

<PAGE>

          This DEPOSIT AND ADMINISTRATION AGREEMENT, dated as of September 30,
2003 (as amended, supplemented or otherwise modified and in effect from time
to time, this "Agreement"), is made between CHASE MANHATTAN BANK USA, NATIONAL
ASSOCIATION, a national banking association having its principal executive
offices located at White Clay Center Building 200, Route 273, Newark, Delaware
19711 ("Chase USA," the "Transferor" or the "Depositor" in its respective
capacities as such), and Chase Credit Card Owner Trust 2003-5, a Delaware
statutory trust, as issuer (the "Issuer").

                             W I T N E S S E T H :
                             - - - - - - - - - -

          In consideration of the premises and of the mutual agreements herein
contained, the parties hereto agree as follows:

                                  ARTICLE I

                                 DEFINITIONS

          SECTION 1.1 Definitions. Whenever used in this Agreement, words and
phrases, unless defined herein or the context otherwise requires, shall have
the meanings set forth in the Indenture.

          SECTION 1.2 Usage of Terms. With respect to all terms in this
Agreement, the singular includes the plural and the plural the singular; words
importing any gender include the other gender; references to "writing" include
printing, typing, lithography, and other means of reproducing words in a
visible form; references to agreements and other contractual instruments
include all subsequent amendments thereto or changes therein entered into in
accordance with their respective terms and not prohibited by this Agreement;
references to Persons include their permitted successors and assigns; and the
term "including" means "including without limitation." All references herein
to Articles, Sections, Subsections and Exhibits are references to Articles,
Sections, Subsections and Exhibits contained in or attached to this Agreement
unless otherwise specified, and each such Exhibit is part of the terms of this
Agreement.

                                  ARTICLE II

                            DEPOSIT OF CERTIFICATE

          SECTION 2.1  Deposit of Certificate and Initial Deposit. (a) In
consideration of the Issuer's delivery of the Notes to and upon the order of
the Depositor, the Depositor does hereby transfer, assign, set-over, pledge
and otherwise convey to the Issuer, without recourse (subject to the
Depositor's obligations herein), all right, title, and interest of the
Depositor in, to and under (i) the Series Certificate, and all money,
instruments, investment property and other property (together with all
earnings, dividends, distributions, income, issues, and profits relating
thereto), distributed or distributable in respect of the Series Certificate
pursuant to the terms of the Series Supplement and the Pooling and Servicing
Agreement after the Closing Date and (ii)

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the initial deposit to the Owner Trust Spread Account in the amount of
$10,000,000 on the Closing Date.

          This Agreement also shall be deemed to be, and hereby is, a security
agreement within the meaning of the UCC, and the conveyance by the Depositor
provided for in this Agreement shall be deemed to be and hereby is a grant by
the Depositor to the Issuer of a security interest in and to all of the
Depositor's right, title and interest, whether now owned or hereafter
acquired, in, to and under all accounts, general intangibles, chattel paper,
instruments, documents, money, deposit accounts, arising from, or relating to
the Series Certificate and the proceeds thereof, to secure the rights of the
Issuer under this Agreement and the obligations of the Depositor hereunder.
The Depositor and the Issuer shall, to the extent consistent with this
Agreement, take such actions as may be necessary to ensure that the security
interest in the Series Certificate created hereunder will be a perfected
security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement.

          It is the intention of the Depositor and the Issuer that (a) the
assignment and transfer herein contemplated constitute a sale of the Series
Certificate, conveying good title thereto free and clear of any liens and
encumbrances, from the Depositor to the Issuer and (b) the Series Certificate
not be part of the Depositor's estate in the event of an insolvency of the
Depositor. In the event that such conveyance is deemed to be a pledge to
secure a loan, the Depositor hereby grants to the Issuer a first priority
perfected security interest in all of the Depositor's right, title and
interest in, to and under the Series Certificate, and in all proceeds of the
foregoing, to secure the loan deemed to be made in connection with such pledge
and, in such event, this Agreement shall constitute a security agreement under
applicable law.

          It is the intention of the parties hereto that the transfer of
Series Certificates to the Trust pursuant to this Agreement be subject to, and
be treated in accordance with, the "Asset Backed Securities Facilitation Act,"
Title 6, Chapter 27A of the Delaware Code (the "Delaware Act") and each of the
parties hereto agrees that this Agreement has been entered into by the parties
hereto in express reliance upon the Delaware Act. For purposes of complying
with the requirements of the Delaware Act, each of the parties hereto hereby
agrees that any property, assets or rights purported to be transferred, in
whole or in part, by Chase USA pursuant to this Agreement shall be deemed to
no longer be the property, assets or rights of Chase USA.

          SECTION 2.2  Closing. The sale of the Series Certificate shall take
place on the Closing Date, simultaneously with the closing of the other
transactions contemplated by the Basic Documents. The Series Certificate shall
then be delivered to the Owner Trustee in Delaware and upon receipt thereof
shall then be delivered by the Owner Trustee to the Indenture Trustee.

          SECTION 2.3  Books and Records.

                    (a) In connection with the transfer, assignment, set-over,
          pledge and conveyance set forth in Section 2.1, the Depositor agrees
          to record and file, at its own expense, any financing statements
          (and continuation statements with respect to such

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<PAGE>

          financing statements when applicable) required to be filed with
          respect to the Series Certificate assigned by the Depositor
          hereunder, meeting the requirements of applicable state law in such
          manner and in such jurisdictions as are necessary under applicable
          law to perfect the transfer, assignment, set-over, pledge and
          conveyance of the Series Certificate to the Issuer, and to deliver a
          file-stamped copy of such financing statements or other evidence of
          such filings to the Issuer on or prior to the Closing Date
          (excluding such continuation and similar statements, which shall be
          delivered promptly after filing).

                    (b) In connection with the transfer, assignment, set-over,
          pledge and conveyance hereunder, the Depositor further agrees, at
          its own expense, on or prior to the Closing Date to cause the Master
          Trust Trustee to register the Issuer as the registered owner of the
          Series Certificate.

          SECTION 2.4 Holder of the Series Certificate. For so long as the
Series Certificate is pledged to the Indenture Trustee under the Indenture,
the Indenture Trustee initially shall be deemed to be the holder of the Series
Certificate for all purposes under the Pooling and Servicing Agreement and the
Series Supplement. To the extent the Series Certificate is sold or otherwise
transferred, subject to the provisions of Section 5.4 of the Indenture and
Section 16 of the Series Supplement, to a third-party in connection with the
sale or liquidation of the Owner Trust Estate pursuant to the provisions of
the Indenture, such transferee shall be deemed to be the holder of the Series
Certificate for all purposes under the Pooling and Servicing Agreement and the
Series Supplement.

                                 ARTICLE III

                   DEPOSITOR REPRESENTATIONS AND WARRANTIES

          SECTION 3.1  Representations and Warranties of Depositor. The
Depositor makes the following representations and warranties with respect to
the Series Certificate on which the Issuer is deemed to have relied in
acquiring the Series Certificate. Such representations and warranties speak as
of the execution and delivery of this Agreement, but shall survive the
transfer and assignment of the Series Certificate to the Issuer and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

                    (a) Title. It is the intention of the Depositor (i) that
          the transfer contemplated in subsection 2.1(a) herein constitute
          either (A) a sale of the Series Certificate, or (B) a grant of a
          valid and continuing security interest therein from the Depositor to
          the Issuer which security interest is prior to all other Liens and
          is enforceable against creditors and purchasers from the Depositor
          and (ii) to the extent that the Depositor retains any interest in
          the Series Certificate after the transfer contemplated by subsection
          2.1(a) herein, that the grant contemplated in subsection 2.1(b)
          herein constitute a grant of a perfected security interest therein
          from the Depositor to the Indenture Trustee for the benefit of the
          Holders of the Notes and that the beneficial interest in the title
          to the Series Certificate not be part of the debtor's estate in the
          event of the filing of a bankruptcy petition by or against the
          Depositor under any bankruptcy law. Other than pursuant to this
          Agreement, the Series Certificate has not been sold, transferred,
          assigned

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<PAGE>

          or pledged by the Depositor to any Person. Immediately prior to the
          transfer and assignment herein contemplated, the Depositor owned and
          had good and marketable title to the Series Certificate, free and
          clear of all Liens, claims, rights or encumbrances of others and,
          immediately upon the transfer thereof, the Issuer shall have good
          and marketable title to the Series Certificate, free and clear of
          all liens, claims, rights or encumbrances of others or a first
          priority perfected security interest therein. The Depositor has not
          authorized the filing of and is not aware of any financing
          statements against the Depositor that include a description of
          collateral covering the Series Certificate other than any financing
          statement relating to the security interest granted to the Issuer
          hereunder or the security interest granted by the Issuer to the
          Indenture Trustee. The Depositor has no actual knowledge of any
          current statutory or other non-consensual liens, including any
          judgment or tax lien filings against the Debtor, to which the Series
          Certificate is subject.

                    (b) Certificated Security. The Series Certificate
          constitutes a "certificated security" within the meaning of the
          applicable UCC.

                    (c) Delivery of Series Certificate. The sole original
          executed copy of the Series Certificate has been delivered to the
          Issuer and has been registered in the name of the Issuer. The Series
          Certificate has no marks or notations indicating that it has been
          pledged, assigned or otherwise conveyed to any Person other than the
          Issuer, provided that the Series Certificate with an undated bond
          power covering the Series Certificate, duly executed by the Issuer
          and endorsed in blank, shall be delivered to the Indenture Trustee,
          and the Indenture Trustee shall maintain possession of the Series
          Certificate for the benefit of the Holders of the Notes, subject to
          the terms of the Indenture.

                    (d) No Consents Required. All approvals, authorizations,
          consents, orders or other actions of any Person or of any
          Governmental Authority required in connection with the execution and
          delivery by the Depositor of this Agreement or any other Basic
          Document, the performance by the Depositor of the transactions
          contemplated by this Agreement or any other Basic Document and the
          fulfillment by the Depositor of the terms hereof and thereof have
          been obtained or have been completed and are in full force and
          effect (other than approvals, authorizations, consents, orders and
          other actions which if not obtained or completed or in full force or
          effect would not have a material adverse effect on the Depositor or
          the Issuer or upon the collectibility of the proceeds from the
          Series Certificate or upon the ability of the Depositor to perform
          its obligations under this Agreement).

                    (e) Transfers Comply. Each of (i) the transfer of the
          Series Certificate by the Depositor to the Issuer pursuant to the
          terms of this Agreement, (ii) the pledge of the Series Certificate
          by the Depositor to the Indenture Trustee for the benefit of the
          Holders of the Notes pursuant to the terms of this Agreement, and
          (iii) the pledge of the Series Certificate by the Issuer to the
          Indenture Trustee pursuant to the terms of the Indenture, comply
          with the provisions of the Pooling and Servicing Agreement and the
          Series Supplement relating to the transfers of the Series
          Certificate.

                    (f) All Actions Taken. All actions necessary under the
          applicable UCC in any jurisdiction to be taken (i) to give the
          Issuer a first priority perfected security

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          interest or ownership interest in the Series Certificate, and (ii)
          to give the Indenture Trustee a first priority perfected security
          interest therein (including, without limitation, UCC filings with
          the Delaware Secretary of State), in each case subject to any
          statutory or other non-consensual liens with respect to the Series
          Certificate, have been taken. The Depositor has no actual knowledge
          of any current statutory or other non-consensual liens to which the
          Series Certificate is subject.

                                  ARTICLE IV

                                ADMINISTRATION

          SECTION 4.1 Duties as Administrator.

                    (a) Duties with Respect to the Basic Documents. The
          Administrator agrees to perform all its duties as Administrator
          hereunder. The Administrator shall monitor the performance of the
          Issuer and shall advise the Issuer and the Owner Trustee when action
          is necessary to comply with the Issuer's duties under the Indenture
          or with the Owner Trustee's duties under the Trust Agreement. The
          Administrator shall prepare for execution by the Issuer or the Owner
          Trustee or shall cause the preparation by other appropriate persons
          of all such documents, reports, filings, instruments, certificates
          and opinions as it shall be the duty of the Issuer or the Owner
          Trustee to prepare, file or deliver pursuant to the Basic Documents
          or under applicable law (including tax and securities laws). In
          furtherance of the foregoing, the Administrator shall take all
          appropriate action that it is the duty of the Issuer or the Owner
          Trustee to take pursuant to this Agreement or the Indenture
          including, without limitation, such of the foregoing as are required
          with respect to the following matters under this Agreement and the
          Indenture (references are to sections of the Indenture):

                         (i) the preparation of or obtaining of the documents
               and instruments required for authentication of the Notes, if any,
               and delivery of the same to the Indenture Trustee (Sections 2.2
               and 2.3);

                         (ii) the duty to cause the Note Register to be kept
               and to give the Indenture Trustee notice of any appointment of a
               new Note Registrar and the location, or change in location, of
               the Note Register and the office or offices where Notes may be
               surrendered for registration of transfer or exchange (Section
               2.4);

                         (iii) the notification of Noteholders of the final
               principal payment on their Notes (subsection 2.7(h));

                         (iv) the preparation, obtaining or filing of the
               instruments, opinions and certificates and other documents
               required for the release of collateral (Section 2.9);

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                         (v) the preparation of Definitive Notes and arranging
               the delivery thereof (Section 2.12);

                         (vi) the duty to cause newly appointed Paying Agents,
               if any, to deliver to the Indenture Trustee the instrument
               specified in the Indenture regarding funds held in trust
               (Section 2.14);

                         (vii) to select Reference Banks, if necessary, or
               other banks from which quotes are obtained for the purpose of
               determining LIBOR (Section 2.16);

                         (viii) the maintenance of an office or agency in the
               City of New York for registration of transfer or exchange of
               Notes (Section 3.2);

                         (ix) the direction to Paying Agents to pay to the
               Indenture Trustee all sums held in trust by such Paying Agents
               (Section 3.3);

                         (x) the obtaining and preservation of the Issuer's
               qualification to do business in each jurisdiction in which such
               qualification is or shall be necessary to protect the validity
               and enforceability of the Indenture, the Notes, the Collateral
               and each other instrument and agreement included in the Owner
               Trust Estate (Section 3.4);

                         (xi) the preparation of all supplements, amendments,
               financing statements, continuation statements, if any,
               instruments of further assurance and other instruments, in
               accordance with Section 3.5 of the Indenture, necessary to
               protect the Owner Trust Estate (Section 3.5);

                         (xii) the obtaining of the Opinion of Counsel on the
               Closing Date and the annual delivery of Opinions of Counsel, in
               accordance with Section 3.6 of the Indenture, as to the Owner
               Trust Estate, and the annual delivery of the Officer's
               Certificate and certain other statements, in accordance with
               Section 3.9 of the Indenture, as to compliance with the
               Indenture (Sections 3.6 and 3.9);

                         (xiii) the identification to the Indenture Trustee in
               an Officer's Certificate of a Person with whom the Issuer has
               contracted to perform its duties under the Indenture
               (subsection 3.7(b));

                         (xiv) the notification of the Indenture Trustee and
               the Note Rating Agencies of a Master Trust Servicer Default
               pursuant to the Pooling and Servicing Agreement and, if such
               Master Trust Servicer Default arises from the failure of the
               Servicer to perform any of its duties under the Pooling and
               Servicing Agreement, the taking of all reasonable steps
               available to remedy such failure (subsection 3.7(d));

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                         (xv) the preparation and obtaining of documents and
               instruments required for the release of the Issuer from its
               covenants and agreements under the Indenture (subsection
               3.11(b));

                         (xvi) the delivery of notice to the Indenture Trustee
               of each Event of Default and each default by the Depositor under
               this Agreement (Section 3.18);

                         (xvii) the taking of such further acts as may be
               reasonably necessary or proper to carry out more effectively
               the purpose of the Indenture or to compel or secure the
               performance and observance by the Depositor of its obligations
               under this Agreement (Sections 3.19 and 5.16);

                         (xviii) the monitoring of the Issuer's obligations as
               to the satisfaction and discharge of the Indenture and the
               preparation of an Officer's Certificate and the obtaining of
               the Opinion of Counsel and the Independent Certificate relating
               thereto (Section 4.1);

                         (xix) the compliance with any written directive of the
               Indenture Trustee with respect to the sale of the Owner Trust
               Estate if an Event of Default shall have occurred and be
               continuing (Section 5.4);

                         (xx) providing the Indenture Trustee with the
               information necessary to deliver to each Noteholder such
               information as may be reasonably required to enable such Holder
               to prepare its United States federal and state, local income or
               franchise tax returns (Section 6.6);

                         (xxi) the preparation and delivery of notice to
               Noteholders of the removal of the Indenture Trustee and the
               appointment of a successor Indenture Trustee (Section 6.8);

                         (xxii) the preparation of any written instruments
               required to confirm more fully the authority of any co-trustee
               or separate trustee and any written instruments necessary in
               connection with the resignation or removal of the Indenture
               Trustee or any co-trustee or separate trustee (Sections 6.8 and
               6.10);

                         (xxiii) the furnishing of the Indenture Trustee with
               the names and addresses of Noteholders during any period when the
               Indenture Trustee is not the Note Registrar (Section 7.1);

                         (xxiv) the preparation and, after execution by the
               Issuer, the filing with the Commission and any applicable state
               agencies and the Indenture Trustee of documents required to be
               filed on a periodic basis with, and summaries thereof as may be
               required by rules and regulations prescribed by, the Commission
               and any applicable state agencies and the transmission of such
               summaries, as necessary, to the Noteholders (Section 7.4);

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                         (xxv) the obtaining of an Officer's Certificate,
               Opinion of Counsel and Independent Certificates, if necessary,
               for the release of the Owner Trust Estate as defined in the
               Indenture (Sections 8.4 and 8.5);

                         (xxvi) the preparation of Issuer Orders and Issuer
               Requests and the obtaining of Opinions of Counsel with respect
               to the execution of supplemental indentures and the mailing to
               the Noteholders of notices with respect to such supplemental
               indentures (Sections 9.1 and 9.2);

                         (xxvii) the execution of new Notes conforming to any
               supplemental indenture (Section 9.5);

                         (xxviii) providing the Indenture Trustee with the form
               of notice necessary to deliver the notification of Noteholders of
               redemption of the Notes (Section 10.2);

                         (xxix) the preparation of all Officer's Certificates,
               Opinions of Counsel and Independent Certificates with respect
               to any requests by the Issuer to the Indenture Trustee to take
               any action under the Indenture (Section 11.1(a));

                         (xxx) the preparation and delivery of Officer's
               Certificates and the obtaining of Independent Certificates, if
               necessary, for the release of property from the lien of the
               Indenture (Section 11.1(b));

                         (xxxi) the preparation and delivery to the Noteholders
               and the Indenture Trustee of any agreements with respect to
               alternate payment and notice provisions (Section 11.6); and

                         (xxxii) the recording of the Indenture, if applicable
               (Section 11.15).

                    (b) Additional Duties.

                         (i) In addition to the duties of the Administrator set
               forth above, the Administrator shall keep all books and
               records, perform such calculations and shall prepare for
               execution by the Issuer or the Owner Trustee or shall cause the
               preparation by other appropriate persons of all such documents,
               reports, filings, instruments, certificates and opinions as it
               shall be the duty of the Issuer or the Owner Trustee to keep,
               perform, prepare, file or deliver pursuant to any of the Basic
               Documents and at the request of the Owner Trustee shall take
               all appropriate action that it is the duty of the Issuer or the
               Owner Trustee to take pursuant to the Basic Documents. Subject
               to Section 5 of this Agreement, and in accordance with the
               directions of the Owner Trustee, the Administrator shall
               administer, perform or supervise the performance of such other
               activities in connection with the Owner Trust Estate (including
               the Basic Documents) as are not covered by any of the foregoing
               provisions and as are expressly requested by the Owner Trustee
               and are reasonably within the capability of the Administrator.

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<PAGE>

                         (ii) Notwithstanding anything in this Agreement or the
               other Basic Documents to the contrary, the Administrator shall
               be responsible for promptly notifying the Indenture Trustee in
               the event that any withholding tax is imposed on the Issuer's
               payments (or allocations of income) to a Noteholder. Any such
               notice shall specify the amount of any withholding tax required
               to be withheld by the Owner Trustee pursuant to such provision.

                         (iii) Notwithstanding anything in this Agreement or
               the other Basic Documents to the contrary, the Administrator
               shall be responsible for (A) performance of the duties of the
               Owner Trustee and the Issuer set forth in Sections 2.7, 2.10,
               2.11, 2.12, 2.13(d), 5.16, 6.7, 6.10, and 10.1 of the Indenture
               with respect to, among other things, accounting and reports to
               the Certificateholder and the maintenance of certain accounts
               and (B) the preparation, execution and filing of all documents
               required by tax and securities laws relating to the Issuer.

                         (iv) The Administrator may satisfy its obligations
               with respect to clauses (ii) and (iii) above by retaining, at
               the expense of the Administrator, a firm of independent public
               accountants (the "Accountants") acceptable to the Indenture
               Trustee which shall perform the obligations of the
               Administrator thereunder.

                         (v) The Administrator shall perform the duties of the
               Administrator specified in Sections 9.2 and 9.3 of the Trust
               Agreement required to be performed in connection with the
               resignation or removal of the Owner Trustee, the duties of the
               Administrator specified in Section 9.5 of the Trust Agreement
               required to be performed in connection with the appointment and
               payment of co-Trustees, and any other duties expressly required
               to be performed by the Administrator under the Trust Agreement.

                         (vi) In carrying out the foregoing duties or any of
               its other obligations under this Agreement, the Administrator
               may enter into transactions with or otherwise deal with any of
               its Affiliates; provided, however, that the terms of any such
               transactions or dealings shall be in accordance with any
               directions received from the Issuer and shall be, in the
               Administrator's opinion, no less favorable to the Issuer than
               would be available from unaffiliated parties.

                         (vii) It is the intention of the parties hereto that
               the Administrator shall, and the Administrator hereby agrees to,
               execute on behalf of the Issuer or the Owner Trustee all such
               documents, reports, filings, instruments, certificates and
               opinions as it shall be the duty of the Issuer or the Owner
               Trustee to prepare, file or deliver pursuant to the Basic
               Documents. In furtherance thereof, the Owner Trustee shall, on
               behalf of itself and of the Issuer, execute and deliver to the
               Administrator, and to each successor Administrator appointed
               pursuant to the terms hereof, one or more powers of attorney
               substantially in the form of Exhibit A hereto, appointing the
               Administrator the attorney-in-fact of the Owner Trustee and the
               Issuer for the purpose of executing on behalf of the Owner

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<PAGE>

               Trustee and the Issuer all such documents, reports, filings,
               instruments, certificates and opinions.

               (c) Non-Ministerial Matters. With respect to matters that in the
     reasonable judgment of the Administrator are non-ministerial, the
     Administrator shall not take any action unless within a reasonable time
     before the taking of such action, the Administrator shall have notified
     the Owner Trustee of the proposed action and the Owner Trustee shall not
     have withheld consent or provided an alternative direction. For the
     purpose of the preceding sentence, "non-ministerial matters" shall
     include, without limitation:

          (A) the initiation of any claim or lawsuit by the Issuer and the
     compromise of any action, claim or lawsuit brought by or against the
     Issuer (other than in connection with the collection of the Receivables);

          (B) the amendment, change or modification of the Basic Documents;

          (C) the appointment of successor Note Registrars, successor Paying
     Agents and successor Indenture Trustees pursuant to the Indenture or the
     appointment of successor Administrators or the consent to the assignment
     by the Note Registrar, the Paying Agent or the Indenture Trustee of its
     obligations under the Indenture; and

          (D) the removal of the Indenture Trustee.

               (ii) Notwithstanding anything to the contrary in this
          Agreement, the Administrator shall not be obligated to, and shall
          not, (x) make any payments to the Noteholders or the
          Certificateholder under the Basic Documents, (y) sell the Owner
          Trust Estate pursuant to the Indenture other than pursuant to a
          written directive of the Indenture Trustee or (z) take any action
          that the Issuer directs the Administrator not to take on its behalf.

               (d) Reports by the Administrator. On or prior to each Transfer
     Date, the Administrator will provide to the Indenture Trustee for the
     Indenture Trustee to forward to each Noteholder of record, and to the
     Owner Trustee, a statement setting forth (to the extent applicable) the
     following information as to the Notes with respect to the related Payment
     Date or the period since the previous Payment Date, as applicable:

               (i) the amount of the distribution allocable to principal of
          the Notes;

               (ii) the amount of the distribution allocable to interest on or
          with respect to the Notes;

               (iii) the aggregate outstanding principal balance of the Notes
          after giving effect to all payments reported under clause (i) above
          on such date; and

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               (iv) the amount, if any, on deposit in the Owner Trust Spread
          Account on such Payment Date, after giving effect to all transfers
          and withdrawals therefrom and all transfers and deposits thereto on
          such Payment Date, and the amount required to be on deposit in the
          Owner Trust Spread Account on such date.

          Each amount set forth pursuant to clauses (i) and (ii) above will be
     expressed as a dollar amount per $1,000 of the initial principal balance
     of the Notes.

          (e) Owner Trust Accounts. The Administrator shall establish and
     maintain, (i) in the name of the Indenture Trustee, for the benefit of
     the Noteholders, an Eligible Deposit Account (the "Note Distribution
     Account"), bearing a designation clearly indicating that the funds
     deposited therein are held for the benefit of the Noteholders. The
     Administrator shall establish and maintain, in the name of the Indenture
     Trustee, for the benefit of the Class C Noteholders (and, to the extent
     expressly provided in the Indenture, the Certificateholder), an Eligible
     Deposit Account (the "Owner Trust Spread Account"), and, together with
     the Note Distribution Account, the "Owner Trust Accounts"), bearing a
     designation clearly indicating that the funds deposited therein are held
     for the benefit of the Class C Noteholders. The Indenture Trustee shall
     possess all right, title and interest in all funds on deposit from time
     to time in the Owner Trust Accounts and in all proceeds thereof. The Note
     Distribution Account shall be under the sole dominion and control of the
     Indenture Trustee for the benefit of the Noteholders. The Owner Trust
     Spread Account shall be under the sole dominion and control of the
     Indenture Trustee for the benefit of the Class C Noteholders (and, to the
     extent expressly provided in the Indenture, the Certificateholder). If,
     at any time, any Owner Trust Account ceases to be an Eligible Deposit
     Account, the Administrator shall notify the Indenture Trustee, and the
     Indenture Trustee upon being notified (or the Administrator on its
     behalf) shall, within 10 Business Days, establish a new Owner Trust
     Account which meets the conditions specified in the definition of
     Eligible Deposit Account, and shall transfer any cash or any investments
     to such new Owner Trust Account. The Indenture Trustee, at the direction
     of the Administrator, shall make withdrawals from the Owner Trust
     Accounts from time to time, in the amounts and for the purposes set forth
     in the Indenture.

          Funds on deposit in the Owner Trust Spread Account shall be invested
     at the direction of the Administrator by the Indenture Trustee or the
     Paying Agent in Permitted Investments. The Indenture Trustee shall
     maintain for the benefit of the Noteholders and the Series
     Certificateholder possession of the negotiable instruments or securities,
     if any, evidencing such Permitted Investments. No Permitted Investment
     shall be disposed of prior to its maturity.

          To the extent so instructed by the Administrator on any Transfer
     Date, the Indenture Trustee or the Paying Agent shall, if the amount on
     deposit in the Owner Trust Spread Account is greater than the Required
     Owner Trust Spread Account Amount for such Transfer Date, pay the amount
     of such excess to the Certificateholder pursuant to the Indenture.

                                      11
<PAGE>

          SECTION 4.2 Records. The Administrator shall maintain appropriate
books of account and records relating to services performed hereunder, which
books of account and records shall be accessible for inspection by the Issuer,
the Owner Trustee, the Indenture Trustee and the Depositor at any time during
normal business hours.

          SECTION 4.3 [Reserved]

          SECTION 4.4 Additional Information To Be Furnished to Issuer. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request,
including notification of Noteholders pursuant to Section 4.1(a) hereof.

          SECTION 4.5 Independence of Administrator . For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not
be subject to the supervision of the Issuer or the Owner Trustee with respect
to the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer or the Owner Trustee, as
the case may be, the Administrator shall have no authority to act for or
represent the Issuer or the Owner Trustee in any way and shall not otherwise
be deemed an agent of the Issuer or the Owner Trustee.

          SECTION 4.6 No Joint Venture. Nothing contained in this Agreement
shall (i) constitute the Administrator and either of the Issuer or the Owner
Trustee as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) be construed to impose
any liability as such on any of them or (iii) be deemed to confer on any of
them any express, implied or apparent authority to incur any obligation or
liability on behalf of the others.

          SECTION 4.7 Other Activities of Administrator.

          (a) Nothing herein shall prevent the Administrator or its affiliates
     from engaging in other businesses or, in its sole discretion, from acting
     in a similar capacity as an administrator for any other person or entity
     even though such person or entity may engage in business activities
     similar to those of the Issuer, the Owner Trustee or the Indenture
     Trustee.

          (b) The Administrator and its affiliates may generally engage in any
     kind of business with any person party to a Basic Document, any of its
     affiliates and any person who may do business with or own securities of
     any such person or any of its affiliates, without any duty to account
     therefor to the Issuer, the Owner Trustee or the Indenture Trustee.

          SECTION 4.8 Net Deposits. As an administrative convenience, so long
as Chase USA is the Administrator and the Certificateholder, the Administrator
will be permitted to make the deposit of amounts with respect to the Series
Certificate for or with respect to any Monthly Period net of distributions to
be made to the Certificateholder with respect to such Monthly Period. The
Administrator, however, will account to the Owner Trustee, the Indenture
Trustee

                                      12
<PAGE>

and the Noteholders as if the amounts paid to the Certificateholder were paid
pursuant to the Indenture.

                                  ARTICLE V

                                 TERMINATION

          SECTION 5.1 Term of Agreement; Resignation and Removal of
Administrator. This Agreement shall continue in force until (i) the
termination of the Issuer and (ii) the satisfaction and discharge of the
Indenture in accordance with Section 4.1 of the Indenture, upon which event
this Agreement shall automatically terminate.

          (a) Subject to subsections 5.1(d) and (e), the Administrator may
     resign its duties hereunder by providing the Issuer and the Owner Trustee
     with at least 60 days prior written notice.

          (b) Subject to subsections 5.1(d) and (e), the Issuer may remove the
     Administrator without cause by providing the Administrator with at least
     60 days prior written notice; provided, however, that if any Notes are
     outstanding at the time of the removal, the Rating Agency Condition shall
     have first been satisfied in connection with such removal.

          (c) Subject to subsections 5.1(d) and (e), at the sole option of the
     Issuer, the Administrator may be removed immediately upon written notice
     of termination from the Issuer to the Administrator if any of the
     following events shall occur:

               (i) the Administrator shall default in the performance of any
          of its duties under this Agreement and, after notice of such
          default, shall not cure such default within 10 days (or, if such
          default cannot be cured in such time, shall not give within ten days
          such assurance of cure as shall be reasonably satisfactory to the
          Issuer);

               (ii) a court having jurisdiction in the premises shall enter a
          decree or order for relief, and such decree or order shall not have
          been vacated within 60 days, in respect of the Administrator in any
          involuntary case under any applicable bankruptcy, insolvency or
          other similar law now or hereafter in effect or appoint a receiver,
          liquidator, assignee, custodian, trustee, sequestrator or similar
          official for the Administrator or any substantial part of its
          property or order the winding-up or liquidation of its affairs; or

               (iii) the Administrator shall commence a voluntary case under
          any applicable bankruptcy, insolvency or other similar law now or
          hereafter in effect, shall consent to the entry of an order for
          relief in an involuntary case under any such law, or shall consent
          to the appointment of a receiver, liquidator, assignee, trustee,
          custodian, sequestrator or similar official for the Administrator or
          any substantial part of its property, shall consent to the taking of
          possession by

                                      13
<PAGE>

          any such official of any substantial part of its property, shall
          make any general assignment for the benefit of creditors or shall
          fail generally to pay its debts as they become due.

          The Administrator agrees that if any of the events specified in
     clause (ii) or (iii) of this subsection 5.1(c) shall occur, it shall give
     written notice thereof to the Issuer, the Owner Trustee and the Indenture
     Trustee within seven days after the happening of such event.

          (d) No resignation or removal of the Administrator pursuant to this
     Section shall be effective until (i) a successor Administrator shall have
     been appointed by the Issuer and (ii) such successor Administrator shall
     have agreed in writing to be bound by the terms of this Agreement in the
     same manner as the Administrator is bound hereunder.

          (e) The appointment of any successor Administrator shall be
     effective only after the satisfaction of the Rating Agency Condition with
     respect thereto.

          (f) A successor Administrator shall execute, acknowledge and deliver
     a written acceptance of its appointment hereunder to the resigning
     Administrator and to the Issuer. Thereupon the resignation or removal of
     the resigning Administrator shall become effective, and the successor
     Administrator shall have all the rights, powers and duties of the
     Administrator under the Indenture. The successor Administrator shall mail
     a notice of its succession to the Noteholders and the Certificateholder.
     The resigning Administrator shall promptly transfer or cause to be
     transferred all property and any related agreements, documents and
     statements held by it as Administrator to the successor Administrator and
     the resigning Administrator shall execute and deliver such instruments
     and do other things as may reasonably be required for fully and certainly
     vesting in the successor Administrator all rights, powers, duties and
     obligations hereunder.

          (g) In no event shall a resigning Administrator be liable for the
     acts or omissions of any successor Administrator hereunder.

          (h) In the exercise or administration of its duties hereunder and
     under the other Basic Documents, the Administrator may act directly or
     through its agents or attorneys pursuant to agreements entered into with
     any of them, and the Administrator shall not be liable for the conduct or
     misconduct of such agents or attorneys if such agents or attorneys shall
     have been selected by the Administrator with due care.

          SECTION 5.2 Action upon Termination, Resignation or Removal.
Promptly upon the effective date of termination of this Agreement pursuant to
subsection 5.1(a) or the resignation or removal of the Administrator pursuant
to subsection 5.1 (b) or (c), respectively, the Administrator shall be
entitled to be paid all fees and reimbursable expenses accruing to it to the
date of such termination, resignation or removal. The Administrator shall
forthwith upon termination pursuant to subsection 5.1(a) deliver to the Issuer
all property and documents of or relating to the Collateral then in the
custody of the Administrator. In the event of the resignation or removal of
the Administrator pursuant to subsection 5.1(b) or (c), respectively, the
Adminis-

                                      14
<PAGE>

trator shall cooperate with the Issuer and take all reasonable steps requested
to assist the Issuer in making an orderly transfer of the duties of the
Administrator.

          SECTION 5.3 Acquisition of Owner Trust Estate. If Chase USA
exercises its option to accept retransfer of the Series Certificate pursuant
to Section 4 of the Series Supplement, the Depositor shall (a) acquire the
Series Certificate and all rights related thereto, which acquisition shall be
effective as of the date on which such retransfer occurs, (b) deliver notice
of such acquisition to the Indenture Trustee on or prior to the related
Transfer Date, (c) deposit, on its own behalf and on behalf of the Issuer
pursuant to Section 10.1 of the Indenture, in the Note Distribution Account on
or prior to the related Transfer Date, an amount equal to the Redemption Price
and (d) succeed to all interests in and to the Issuer.

                                  ARTICLE VI

                                 MISCELLANEOUS

          SECTION 6.1 Notices. Any notice, report or other communication
given hereunder shall be in writing and addressed as follows:

          if to the Issuer or the Owner Trustee, to

              Chase Credit Card Owner Trust 2003-5
              c/o Wilmington Trust Company
              Rodney Square North
              1100 North Market Street
              Wilmington, DE 19890
              Attention: Corporate Trust Administration

          with a copy to:

              Richards, Layton & Finger
              One Rodney Square
              Wilmington, DE 19899
              Attention: Jason Solomon

          if to the Administrator, to

              Chase Manhattan Bank USA, National Association
              500 Stanton Christiana Road, Floor 1
              Newark, DE  19713
              Attention: Patricia M. Garvey

          if to the Indenture Trustee, to

              The Bank of New York
              101 Barclay Street, 8 West
              New York, NY  10286

                                      15
<PAGE>

          Attention: Corporate Trust Administration

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed
given if such notice is mailed by certified mail, postage prepaid, or
hand-delivered to the address of such party as provided above, except that
notices to the Indenture Trustee are effective only upon receipt.

          SECTION 6.2 Amendments. This Agreement may be amended from time to
time by a written amendment duly executed and delivered by the Issuer, the
Administrator and the Depositor, with the written consent of the Indenture
Trustee and without the consent of the Noteholders or the Certificateholder,
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholder; provided,
however, that a copy thereof shall have been delivered to the Note Rating
Agencies and that such amendment will not (i) as evidenced by an Officer's
Certificate of the Depositor addressed and delivered to the Owner Trustee and
the Indenture Trustee, materially and adversely affect the interests of any
Noteholder or the Certificateholder or significantly change the purposes and
activities of the Issuer and (ii) as evidenced by an Opinion of Counsel
addressed to the Owner Trustee and the Indenture Trustee, cause the Issuer to
be classified as an association (or a publicly traded partnership) taxable as
a corporation for federal income tax purposes. This Agreement may also be
amended by the Issuer, the Administrator and the Depositor with the written
consent of the Indenture Trustee and the Holders of Notes evidencing a
majority in the Outstanding Amount of the Notes for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of Noteholders or
the Certificateholder; provided, however, that, a copy thereof shall have been
delivered to the Note Rating Agencies and that without the consent of the
holders of all of the Notes then Outstanding, no such amendment may (i)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on the Series Certificate or distributions
that are required to be made for the benefit of the Noteholders or (ii) reduce
the aforesaid percentage of the Holders of Notes which are required to consent
to any such amendment, without the consent of the Holders of all the
Outstanding Notes.

          It shall not be necessary for the consent of Noteholders pursuant to
this Section to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the
substance thereof.

          SECTION 6.3 Protection of Title to Owner Trust.

               (a) The Depositor shall take all actions necessary and the
     Issuer shall cooperate with the Depositor, if applicable, to perfect, and
     maintain perfection of, the interests of the Issuer in the Series
     Certificate. The Depositor shall execute and file and cause to be
     executed and filed such financing statements and continuation statements,
     all in such manner and in such places as may be required by law fully to
     perfect, maintain, and protect the interest of the Issuer in the Series
     Certificate and in the proceeds thereof and the interest of the Indenture
     Trustee in the Owner Trust Estate and the proceeds thereof. The Depositor
     shall deliver (or cause to be delivered) to the Owner Trustee and

                                      16
<PAGE>

     the Indenture Trustee file-stamped copies of, or filing receipts for, any
     document filed as provided above, as soon as available following such
     filing.

               (b) The Depositor shall not change its name, identity or
     corporate structure in any manner that would, could or might make any
     financing statement or continuation statement filed in accordance with
     paragraph (a) above or otherwise seriously misleading within the meaning
     of 9-402(7) of the UCC (regardless of whether such a filing was ever made),
     unless it shall have given the Owner Trustee and the Indenture Trustee at
     least five days prior written notice thereof and, if applicable, shall
     have timely filed appropriate amendments to any and all previously filed
     financing statements or continuation statements (so that the interest of
     the Issuer or the Indenture Trustee is not adversely affected).

               (c) Each of the Depositor and the Administrator shall have an
     obligation to give the Owner Trustee and the Indenture Trustee at least
     60 days prior written notice of any relocation of its principal executive
     office if, as a result of such relocation, the applicable provisions of
     the UCC would require the filing of any amendment of any previously filed
     financing or continuation statement or of any new financing statement
     (regardless of whether such a filing was ever made) and shall promptly,
     if applicable, file any such amendment.

               (d) The Administrator shall permit the Indenture Trustee and its
     agents at any time following reasonable notice and during normal business
     hours to inspect, audit and make copies of and abstracts from the
     Administrator's records regarding the Series Certificate.

               (e) The Administrator shall, to the extent required by
     applicable law, cause the Notes to be registered with the Commission
     pursuant to Section 12(b) or Section 12(g) of the Exchange Act within the
     time periods specified in such sections.

          SECTION 6.4 Successors and Assigns. This Agreement may not be
assigned by the Administrator unless such assignment is previously consented
to in writing by the Issuer and the Owner Trustee and subject to satisfaction
of the Rating Agency Condition with respect thereto. An assignment with such
consent and satisfaction, if accepted by the assignee, shall bind the assignee
hereunder in the same manner as the Administrator is bound hereunder.
Notwithstanding the foregoing, this Agreement may be assigned by the
Administrator without the consent of the Issuer or the Owner Trustee to a
corporation or other organization that is a successor (by merger,
consolidation or purchase of assets) to the Administrator, provided that such
successor organization executes and delivers to the Issuer, the Owner Trustee
and the Indenture Trustee an agreement in which such corporation or other
organization agrees to be bound hereunder by the terms of said assignment in
the same manner as the Administrator is bound hereunder. Subject to the
foregoing, this Agreement shall bind any successors or assigns of the parties
hereto.

          SECTION 6.5 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND

                                      17
<PAGE>

THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          SECTION 6.6 Headings. The section headings hereof have been inserted
for convenience of reference only and shall not be construed to affect the
meaning, construction or effect of this Agreement.

          SECTION 6.7 Counterparts. This Agreement may be executed in
counterparts, each of which when so executed shall together constitute but one
and the same agreement.

          SECTION 6.8 Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall be ineffective to the
extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof and any such prohibition or unenforceability in
any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

          SECTION 6.9 Not Applicable to Chase Manhattan Bank USA, National
Association in Other Capacities. Nothing in this Agreement shall affect any
obligation Chase Manhattan Bank USA, National Association may have in any
other capacity.

          SECTION 6.10 Limitation of Liability of Owner Trustee, Indenture
Trustee and Administrator.

               (a) Notwithstanding anything contained herein to the contrary,
     this instrument has been signed by Wilmington Trust Company not in its
     individual capacity but solely as Owner Trustee for the Chase Credit Card
     Owner Trust 2003-5 and in no event shall Wilmington Trust Company in its
     individual capacity or any beneficial owner of the Issuer have any
     liability for the representations, warranties, covenants, agreements or
     other obligations of the Issuer hereunder, as to all of which recourse
     shall be had solely to the assets of the Issuer.

               (b) Notwithstanding anything contained herein to the contrary,
     this Agreement has been signed by The Bank of New York, not in its
     individual capacity but solely as Indenture Trustee, and in no event shall
     The Bank of New York have any liability for the representations,
     warranties, covenants, agreements or other obligations of the Issuer
     hereunder or in any of the certificates, notices or agreements delivered
     pursuant hereto, as to all of which recourse shall be had solely to the
     assets of the Issuer.

               (c) No recourse under any obligation, covenant or agreement of
     the Issuer contained in this Agreement shall be had against any agent of
     the Issuer (including the Administrator) as such by the enforcement of any
     assessment or by any legal or equitable proceeding, by virtue of any
     statute or otherwise; it being expressly agreed and understood that this
     Agreement is solely an obligation of the Issuer as a Delaware statutory
     trust, and that no personal liability whatever shall attach to or be
     incurred by any agent of the Issuer (including the Administrator), as
     such, under or by reason of any of the obligations, covenants or
     agreements of the Issuer contained in this Agreement, or implied
     therefrom, and that any and all personal liability for breaches by the
     Issuer of any

                                      18
<PAGE>

     such obligations, covenants or agreements, either at common law or at
     equity, or by statute or constitution, of every such agent is hereby
     expressly waived as a condition of and in consideration for the execution
     of this Agreement.

          SECTION 6.11 Third-Party Beneficiary. Each of the Owner Trustee and
the Indenture Trustee is a third-party beneficiary to this Agreement and is
entitled to the rights and benefits hereunder and may enforce the provisions
hereof as if it were a party hereto. The Administrator agrees to compensate
and indemnify the Indenture Trustee pursuant to Section 6.7 of the Indenture.

          SECTION 6.12 Nonpetition Covenants.

               (a) Notwithstanding any prior termination of this Agreement, the
     Depositor shall not at any time with respect to the Issuer or the Master
     Trust, acquiesce, petition or otherwise invoke or cause the Issuer or the
     Master Trust to invoke the process of any court or government authority
     for the purpose of commencing or sustaining a case against the Issuer or
     the Master Trust under any Federal or state bankruptcy, insolvency or
     similar law or appointing a receiver, conservator, liquidator, assignee,
     trustee, custodian, sequestrator or other similar official of the Issuer
     or the Master Trust or any substantial part of its property, or ordering
     the winding up or liquidation of the affairs of the Issuer or the Master
     Trust; provided, however, that this subsection 6.12(a) shall not operate
     to preclude any remedy described in Article V of the Indenture.

               (b) Notwithstanding any prior termination of this Agreement, the
     Issuer shall not at any time with respect to the Master Trust, acquiesce,
     petition or otherwise invoke or cause the Master Trust to invoke the
     process of any court or government authority for the purpose of
     commencing or sustaining a case against the Master Trust under any
     Federal or state bankruptcy, insolvency or similar law or appointing a
     receiver, conservator, liquidator, assignee, trustee, custodian,
     sequestrator or other similar official of the Master Trust or any
     substantial part of its property, or ordering the winding up or
     liquidation of the affairs of the Master Trust; provided, however, that
     this subsection 6.12(b) shall not operate to preclude any remedy
     described in Article V of the Indenture.

          SECTION 6.13 Liability of Administrator. Notwithstanding any
provision of this Agreement, the Administrator shall not have any obligations
under this Agreement other than those specifically set forth herein, and no
implied obligations of the Administrator shall be read into this Agreement.
Neither the Administrator nor any of its directors, officers, agents or
employees shall be liable for any action taken or omitted to be taken in good
faith by it or them under or in connection with this Agreement, except for its
or their own gross negligence or willful misconduct and in no event shall the
Administrator be liable under or in connection with this Agreement for
indirect, special, or consequential losses or damages of any kind, including
lost profits, even if advised of the possibility thereof and regardless of the
form of action by which such losses or damages may be claimed. Without
limiting the foregoing, the Administrator may (a) consult with legal counsel
(including counsel for the Issuer), independent public accountants and other
experts selected by it and shall not be liable for any action taken or omitted
to be taken in good faith by it in accordance with the advice of such counsel,
accountants or

                                      19
<PAGE>

experts and (b) shall incur no liability under or in respect of this Agreement
by acting upon any notice (including notice by telephone), consent,
certificate or other instrument or writing (which may be by facsimile)
believed by it to be genuine and signed or sent by the proper party or
parties.

                                      20
<PAGE>

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

                                  WILMINGTON TRUST COMPANY
                                  not in its individual capacity but solely
                                  as Owner Trustee for:
                                  CHASE CREDIT CARD OWNER TRUST
                                  2003-5

                                  By: /s/ Janel R. Havrilla
                                     --------------------------------
                                     Name:  Janel R. Havrilla
                                     Title: Financial Services Officer

                                  CHASE MANHATTAN BANK USA,
                                  NATIONAL ASSOCIATION
                                  as Administrator

                                  By: /s/ Patricia M. Garvey
                                     --------------------------------
                                     Name:  Patricia M. Garvey
                                     Title: Vice President

                                  Acknowledged and Agreed:
                                  THE BANK OF NEW YORK
                                  not in its individual capacity but solely
                                  as Indenture Trustee

                                  By: /s/ Daniel Rothman
                                     --------------------------------
                                     Name:  Daniel Rothman
                                     Title: Assistant Vice President

<PAGE>

                                                                     EXHIBIT A
                                                   [Form of Power of Attorney]

                               POWER OF ATTORNEY

STATE OF NEW YORK  )
                   )
COUNTY OF NEW YORK )

          KNOW ALL MEN BY THESE PRESENTS, that WILMINGTON TRUST COMPANY, a
Delaware banking corporation, not in its individual capacity but solely as
owner trustee ("Owner Trustee") for the Chase Credit Card Owner Trust 2003-5
("Trust"), does hereby make, constitute and appoint CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION as Administrator under the Administration Agreement (as
defined below), and its agents and attorneys, as Attorneys-in-Fact to execute
on behalf of the Owner Trustee or the Trust all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the
Owner Trustee or the Trust to prepare, file or deliver pursuant to the Basic
Documents (as defined in the Indenture dated as of September 30, 2003 between
the Trust and the Bank of New York, as Indenture Trustee), including, without
limitation, to appear for and represent the Owner Trustee and the Trust in
connection with the preparation, filing and audit of federal, state and local
tax returns pertaining to the Trust, and with full power to perform any and
all acts associated with such returns and audits that the Owner Trustee could
perform, including without limitation, the right to distribute and receive
confidential information, defend and assert positions in response to audits,
initiate and defend litigation, and to execute waivers of restriction on
assessments of deficiencies, consents to the extension of any statutory or
regulatory time limit, and settlements. For the purpose of this Power of
Attorney, the term "Administration Agreement" means the Deposit and
Administration Agreement dated as of September 30, 2003 among Wilmington Trust
Company, not in its individual capacity but solely as Owner Trustee for the
Trust and Chase Manhattan Bank USA, National Association, as Administrator,
and acknowledged and agreed by The Bank of New York, as Indenture Trustee, as
such may be amended from time to time.

          All powers of attorney for this purpose heretofore filed or executed
by the Owner Trustee are hereby revoked.

          EXECUTED this 30th day of September, 2003.

                                  WILMINGTON TRUST COMPANY
                                  not in its individual capacity but solely
                                  as Owner Trustee for the Chase Credit Card
                                  Owner Trust 2003-5

                                  By:
                                     ---------------------------------------
                                     Name:
                                     Title:Exhibit 4.1

                                TRUST AGREEMENT

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

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

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

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

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

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

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

<PAGE>

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

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

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

                                  LASALLE BANK NATIONAL ASSOCIATION
                                     as Warrant Agent

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

                                  MS STRUCTURED ASSET CORP.

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

Attachments: Schedules I, II and III

<PAGE>

                                   Schedule I
                           (Terms of Trust and Units)

Trust:                                      SATURNS Trust No. 2003-14

Date of Trust Agreement:                    September 30, 2003

Trustee:                                    LaSalle Bank National Association

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

Initial Unit Principal Balance
of the Class A Units:                       $35,000,000

Initial Notional Amount
of the Class B Units:                       $35,000,000

Issue Price of Units:                       Class A Units: 100%

                                            Class B Units: $7,609,878

Number of Units:                            Class A Units:

                                            1,400,000 (Unit Principal Balance of
                                            $25 each)

                                            Class B Units:

                                            35,000 (Notional Amount of $1,000
                                            each)

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

Call Option / Call Rights:                  The Warrants. Each Warrant issued
                                            hereunder represents a Call Option
                                            and a Call Right to purchase $1,000
                                            of Unit Principal Balance of the
                                            Class A Units and $1,000 Notional
                                            Amount of the Class B Units as
                                            described in the Warrant Terms.

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

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

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

First Regular Call Date:                    As defined in Schedule III.

Minimum Denomination:                       Class A Units:

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

                                            Class B Units:

                                            $1,000 Notional Amount and $1,000
                                            Notional Amount in excess thereof.

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

Cut-off Date:                               Closing Date

Closing Date:                               September 30, 2003

Specified Currency:                         United States dollars

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

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

                                            Class A Units:

                                            Initially, 6.875% per annum on the
                                            basis of a 360 day year consisting
                                            of twelve 30 day months.

                                            Except with respect to November 15,
                                            2003, the interest rate payable on
                                            the Class A Units will be increased
                                            by 0.20% for each rating notch
                                            downgrade of the Underlying
                                            Securities by either Moody's or S&P
                                            and decreased by 0.20% for each
                                            rating notch upgrade of the
                                            Underlying Securities by either
                                            Moody's or S&P, but in no event will
                                            the interest rate be reduced below
                                            6.275%. Any such interest rate
                                            increase or decrease will take
                                            effect from the interest payment
                                            period beginning immediately after
                                            the first interest rate payment date
                                            following the related rating
                                            downgrade or upgrade, as the case
                                            may be. There is no limit to the
                                            number of times the interest rate
                                            payable on the Class A Units can be
                                            adjusted.

                                            The interest rate on the Underlying
                                            Securities is expected to increase
                                            to 8.75% on November 15, 2003, and
                                            if so, no adjustment to the interest
                                            rate on the Class A Units will
                                            occur. The initial interest rate on
                                            the Class A Units of 6.875% is
                                            currently set to correspond to an
                                            interest rate of 8.75% on the
                                            Underlying Securities and already
                                            takes into account the recent rating
                                            change of the Underlying Securities.
                                            Any other changes in the rating of
                                            the Underlying Securities from the
                                            Closing Date to November 15, 2003
                                            may result in adjustment of the
                                            interest rate on the Class A Units.

                                            Class B Units:

                                            Initially, 1.844% per annum on the
                                            basis of a 360 day year consisting
                                            of twelve 30 day months.

                                            Except with respect to November 15,
                                            2003, the interest rate payable on
                                            the Class B Units will be increased
                                            by 0.05% for each rating notch
                                            downgrade of the Underlying
                                            Securities by either Moody's or S&P
                                            and decreased by 0.05% for each
                                            rating notch upgrade of the
                                            Underlying Securities by either
                                            Moody's or S&P, but in no event will
                                            the interest rate be reduced below
                                            1.694%. Any such interest rate
                                            increase or decrease will take
                                            effect from the interest payment
                                            period beginning immediately after
                                            the first interest rate payment date
                                            following the related rating
                                            downgrade or upgrade, as the case
                                            may be. There is no limit to the
                                            number of times the interest rate
                                            payable on the Class B Units can be
                                            adjusted.

                                            The interest rate on the Underlying
                                            Securities is expected to increase
                                            to 8.75% on November 15, 2003, and
                                            if so, no adjustment to the interest
                                            rate on the Class B Units will
                                            occur. The initial interest rate on
                                            the Class B Units of 1.844% is
                                            currently set to correspond to an
                                            interest rate of 8.75% on the
                                            Underlying Securities and already
                                            takes into account the recent rating
                                            change of the Underlying Securities.
                                            Any other changes in the rating of
                                            the Underlying Securities from the
                                            Closing Date to November 15, 2003
                                            may result in adjustment of the
                                            interest rate on the Class B Units.

Interest Reset Period:                      Not Applicable

Rating:                                     Class A Units:

                                            Baa2 by Moody's (negative outlook)

                                            BBB by S&P

                                            Class B Units:

                                            Baa2 by Moody's (negative outlook)

                                            BBB by S&P

Rating Agencies:                            Moody's and S&P

Scheduled Final Distribution Date:          November 15, 2031. The Units will
                                            have the same final maturity as the
                                            Underlying Securities.

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

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

                                            If the Warrants are partially
                                            exercised or if there is a partial
                                            redemption of the Underlying
                                            Securities, the Trustee will
                                            randomly select Class A Units to be
                                            redeemed in full from the proceeds
                                            of such partial redemption or called
                                            in full from the proceeds of such
                                            partial exercise. The Trustee will
                                            also select for call or redemption a
                                            Notional Amount of Class B Units, up
                                            to a Notional Amount equal to the
                                            Unit Principal Balance of Class A
                                            Units subject to such call or
                                            redemption, (i) first, from Class B
                                            Units held by any Warrantholder who
                                            has exercised its Warrants (provided
                                            that the Warrantholder as holder of
                                            such Class B Units can tender
                                            delivery of such Class B Units to
                                            the Trustee and identify such Class
                                            B Units to the satisfaction of the
                                            Trustee as owned by such
                                            Warrantholder), and (ii) then, from
                                            other Class B Units by random
                                            selection.

Additional Distribution:                    Class A Units:

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

                                            Class B Units:

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

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

Class B Present Value Amount:               With respect to a date, an amount
                                            equal to the present value of the
                                            Future Class B Unit Interest for
                                            such date in respect of the
                                            corresponding portion of the
                                            Notional Amount of the Class B
                                            Units, discounted at a rate of the
                                            interest rate payable on the
                                            Underlying Securities at such date
                                            on the basis of a 360 day year
                                            consisting of twelve 30 day months.

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

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

Call Date:                                  Specified in Schedule III

Call Price:                                 Specified in Schedule III

Warrant Agent:                              LaSalle Bank National Association

Warrantholder:                              A holder of Warrants.

Distribution Date:                          Each May 15 and November 15,
                                            or the next succeeding Business Day
                                            if such day is not a Business Day,
                                            commencing November 15, 2003, and
                                            any other date upon which funds are
                                            available (including without
                                            limitation funds available due to a
                                            Trust Wind-Up Event) for
                                            distribution in accordance with the
                                            terms hereof.

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

Distribution Priorities:                    Ordinary Distribution Date Priority:

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

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

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

                                            Exercise of Warrants Priority:

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

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

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

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

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

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

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

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

                                            Redemptions Priority:

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

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

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

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

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

                                            FIFTH, any remaining amounts, if
                                            any, to the Warrantholders, as
                                            payment of any

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

                                            Other Trust Wind-Up Events Priority:

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

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

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

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

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

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

Depositary:                                 DTC

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

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

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

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

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

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

ERISA Restrictions:                         No ERISA Restrictions apply.

QIB Restriction:                            Not applicable.

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

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

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

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

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

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

                                            Section 5.12(c)(iv) of the Standard
                                            Terms shall be incorporated herein
                                            by adding the following to Section
                                            5.12(c): "(iv) the Depositor
                                            determines that more than 100
                                            holders of the Class A Units and 100
                                            holders of the Class B Units
                                            independent of the Trust and each
                                            other will remain after such
                                            exchange; unless the Depositor
                                            determines that such an exchange is
                                            otherwise consistent with the
                                            restrictions under ERISA and Section
                                            4975 of the Internal Revenue Code of
                                            1986."

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

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

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

                                            The amount of the Retained Interest
                                            is $1,115,625 at the Closing Date
                                            and $1,100,563 on November 15, 2003.
                                            The latter figure takes into account
                                            the Depositor's waiver of a portion
                                            of the Retained Interest as
                                            described in the next sentence. The
                                            retained interest of the Depositor
                                            will decrease by an amount
                                            corresponding to 0.20% annually on
                                            the Unit Principal Balance of the
                                            Class A Units and by an amount
                                            corresponding to 0.05% annually on
                                            the Notional Amount of the Class B
                                            Units from the Closing Date until
                                            the first Distribution Date on the
                                            Units.

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

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

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

Selling Agent:                              Morgan Stanley & Co. Incorporated.

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

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

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

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

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

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

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

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

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

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

<PAGE>

                                                           ANNEX A TO SCHEDULE I

                        LASALLE BANK NATIONAL ASSOCIATION

                     ABS ANNUAL REPORT BACKUP CERTIFICATION

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

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

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

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

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

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

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

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

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

<PAGE>

                                              EXHIBIT A TO ANNEX A TO SCHEDULE I

                      MORGAN STANLEY STRUCTURED ASSET CORP.

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

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

                                                             For FY [ ]

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<PAGE>

                                   Schedule II
                            (Terms of Trust Property)

Underlying Securities:                      AT&T Corp. adjustable rate
                                            debentures due November 15, 2031

Underlying Security Issuer:                 AT&T Corp.

Principal Amount:                           $35,000,000

Underlying Security Rate:                   The Underlying Securities were
                                            issued with an initial interest rate
                                            of 8.00%, currently have an interest
                                            rate of 8.50% and are expected to
                                            have an interest rate of 8.75%
                                            commencing November 15, 2003. The
                                            interest rate payable on the
                                            Underlying Securities will be
                                            increased by 0.25% for each rating
                                            notch downgrade by either Moody's or
                                            S&P and decreased by 0.25% for each
                                            rating notch upgrade by either
                                            Moody's or S&P, but in no event will
                                            the interest rate be reduced below
                                            the initial interest rate of 8.00%.
                                            Any such interest rate increase or
                                            decrease will take effect from the
                                            interest payment period beginning
                                            immediately after the first interest
                                            payment date following the related
                                            rating downgrade or upgrade, as the
                                            case may be. There is no limit to
                                            the number of times the interest
                                            rate payable on the Underlying
                                            Securities can be adjusted.

Credit Ratings:                             Baa2 by Moody's (negative outlook)

                                            BBB by S&P

Listing:                                    Luxembourg Stock Exchange

Underlying Security
Issuance Agreement:                         An indenture dated as of November
                                            21, 2002 between the Underlying
                                            Security Issuer and the Underlying
                                            Security Trustee as supplemented and
                                            amended from time to time.

Form:                                       Global

Currency of
Denomination:                               United States dollars

Acquisition Price by Trust:                 $41,332,378

Underlying Security
Payment Date:                               Each May 15 and November 15

Original Issue Date:                        The Underlying Securities were
                                            originally issued pursuant to Rule
                                            144A under the Securities Act of
                                            1933 under an indenture dated
                                            November 21, 2002 and publicly
                                            offered in an exchange offer on or
                                            about July 31, 2002 in a principal
                                            amount of $2,750,000,000.

Maturity Date:                              November 15, 2031

Sinking Fund Terms:                         Not Applicable

Redemption Terms:                           As described in the Underlying
                                            Securities Issuance Agreement, the
                                            Underlying Securities are
                                            redeemable, as a whole or in part,
                                            at any time or from time to time, at
                                            the option of the Underlying
                                            Security Issuer. Upon a "tax event",
                                            the Underlying Security Issuer may
                                            redeem the Underlying Securities for
                                            a redemption price equal to the
                                            principal amount plus accrued
                                            interest, if any.

CUSIP No.:/ISIN No.                         001957BD0

Underlying Security Trustee:                The Bank of New York

<PAGE>

                                  Schedule III
                            ADDITIONAL WARRANT TERMS

                                    ARTICLE I
                              EXERCISE OF WARRANTS

         Section 1.1       Principal Terms.

         (a) Call Price.

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

         (b) Call Dates.

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

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

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

         (d) First Regular Call Date. September 30, 2008.

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

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

         (g) Call Notice.

         Each exercising Warrantholder shall deliver a notice in the form of
Exhibit B to the Trustee and the Warrant Agent, including the certification of
solvency specified therein, prior to the Call Date. Each such Call Notice must
specify exercise of either (i) all Warrants the notifying Warrantholder owns or
(ii) Warrants sufficient to call at least $250,000 Unit Principal Balance of
Class A Units and $250,000 Notional Amount of Class B Units.

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

         (h) Automatic Rescission of Exercise.

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

         (i) Tender Offer and Redemption.

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

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

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

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

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

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

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

         (j) Payment of Call Price.

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

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

         (k) Appointment of Warrant Agent.

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

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

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

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

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

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

                                   ARTICLE II
                            RESTRICTIONS ON TRANSFER

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

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

                                   ARTICLE III
                   REGISTRATION AND TRANSFER OF WARRANTS, ETC.

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

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

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

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

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

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

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

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

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

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

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

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

                                   ARTICLE IV
                                  WARRANT AGENT

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<PAGE>

                                                       EXHIBIT A TO SCHEDULE III

                           FORM OF WARRANT CERTIFICATE

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")
                                 SERIES 2003-14
                                    WARRANTS

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

         THE HOLDER, AND EACH FIDUCIARY WHICH CAUSES ANY PERSON TO ACQUIRE ANY
WARRANT, IN ITS INDIVIDUAL AS WELL AS ITS FIDUCIARY CAPACITY, WILL BE DEEMED BY
SUCH PURCHASE, HOLDING OR ACQUISITION, ON EACH DATE ON WHICH THE WARRANT IS HELD
BY SUCH PERSON, TO HAVE REPRESENTED THAT IT IS NOT A (I) "EMPLOYEE BENEFIT PLAN"
(AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA")) SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF TITLE I OF ERISA, (II) "PLAN" DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE") SUBJECT TO SECTION 4975 OF THE
CODE, (III) ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN'S INVESTMENT IN SUCH ENTITY OR OTHERWISE OR (IV) GOVERNMENTAL OR OTHER PLAN
SUBJECT TO REQUIREMENTS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION
4975 OF THE INTERNAL REVENUE CODE. EACH PERSON THAT ACQUIRES A WARRANT, AND EACH
FIDUCIARY WHO CAUSES A PERSON TO ACQUIRE A WARRANT, IN ITS INDIVIDUAL AS WELL AS
ITS FIDUCIARY CAPACITY, AGREES TO INDEMNIFY AND HOLD HARMLESS THE DEPOSITOR, THE
WARRANT AGENT, THE TRUSTEE, MS&CO. AND THEIR RESPECTIVE AFFILIATES FROM ANY
COST, DAMAGES, LOSS OR EXPENSE, INCURRED BY THEM AS A RESULT OF THE
REPRESENTATIONS MADE BY SUCH PERSON OR FIDUCIARY IN THIS PARAGRAPH NOT BEING
TRUE.

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

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

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

Warrant No. 1                                                CUSIP No. 804106110

REGISTERED INITIAL NUMBER: [          ]

AGGREGATE INITIAL NUMBER
OF ALL WARRANTS:  35,000

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")
                                 SERIES 2003-14
                                    WARRANTS

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

         The Trust Property will be held in trust by the Trustee identified in
the Trust Agreement (the "Trust"). The Trust has been created pursuant to a
Trust Agreement, dated as of September 30, 2003 (the "Trust Agreement"), between
LaSalle Bank National Association, as Trustee of the Trust (the "Trustee"), and
MS Structured Asset Corp.

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

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

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

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

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

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

                                           SATURNS TRUST NO. 2003-14

                                           BY: LASALLE BANK NATIONAL
                                                    ASSOCIATION,
                                                    as Trustee

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

DATED:

[SEAL]

Trustee's Certificate of
Authentication:

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

                                           LASALLE BANK NATIONAL ASSOCIATION,
                                                    as Authenticating Agent

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

<PAGE>

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")

                                 SERIES 2003-14

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

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

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

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

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

<PAGE>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

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

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

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

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

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

Dated:

         _______________________________ */
                                         -

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

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

<PAGE>

                                                       EXHIBIT B TO SCHEDULE III

             FORM OF EXCERCISE NOTICE AND CERTIFICATION OF SOLVENCY

                                                                          [DATE]

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

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

Re:      Structured Asset Trust Unit Repackagings ("SATURNS"), Series 2003-14

Ladies and Gentlemen:

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

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

                                                     [WARRANTHOLDER]

                                                     By:
                                                        ------------------------
                                                        Name:
                                                        Title:
<PAGE>

                                                       EXHIBIT C TO SCHEDULE III

                         FORM OF WARRANT TRANSFER LETTER

                                                              [DATE]

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

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

Re:      Structured Asset Trust Unit Repackagings ("SATURNS"), Series 2003-14

Ladies and Gentlemen:

         In connection with its proposed purchase of Warrants (the "Warrants")
which represent the right to call $______________ aggregate Unit Principal
Balance of SATURNS 2003-14 AT&T Corp. Debenture-Backed Class A Units and
$_______________ aggregate Notional Amount of SATURNS 2003-14 AT&T Corp.
Debenture-Backed Class B Units, the undersigned transferee (the "Transferee")
confirms that:

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

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

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

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

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

         THE HOLDER, AND EACH FIDUCIARY WHICH CAUSES ANY PERSON TO ACQUIRE ANY
WARRANT, IN ITS INDIVIDUAL AS WELL AS ITS FIDUCIARY CAPACITY, WILL BE DEEMED BY
SUCH PURCHASE, HOLDING OR ACQUISITION, ON EACH DATE ON WHICH THE WARRANT IS HELD
BY SUCH PERSON, TO HAVE REPRESENTED THAT IT IS NOT A (I) "EMPLOYEE BENEFIT PLAN"
(AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA")) SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF TITLE I OF ERISA, (II) "PLAN" DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE") SUBJECT TO SECTION 4975 OF THE
CODE, (III) ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN'S INVESTMENT IN SUCH ENTITY OR OTHERWISE OR (IV) GOVERNMENTAL OR OTHER PLAN
SUBJECT TO REQUIREMENTS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION
4975 OF THE INTERNAL REVENUE CODE. EACH PERSON THAT ACQUIRES A WARRANT, AND EACH
FIDUCIARY WHO CAUSES A PERSON TO ACQUIRE A WARRANT, IN ITS INDIVIDUAL AS WELL AS
ITS FIDUCIARY CAPACITY, AGREES TO INDEMNIFY AND HOLD HARMLESS THE DEPOSITOR, THE
TRUSTEE, THE WARRANT AGENT, MS&CO. AND THEIR RESPECTIVE AFFILIATES FROM ANY
COST, DAMAGES, LOSS OR EXPENSE, INCURRED BY THEM AS A RESULT OF THE
REPRESENTATIONS MADE BY SUCH PERSON OR FIDUCIARY IN THIS PARAGRAPH NOT BEING
TRUE.

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

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

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

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

         6. The Transferee understands that no subsequent transfer of the
Warrants is permitted unless such transfer is to a transferee who will own,
after giving effect to such transfer and any other simultaneous transfers,
Warrants sufficient to call at least $250,000 of Class A Units (by Unit
Principal Balance) and $250,000 of Class B Units (by Notional Amount) and the
Transferee causes the proposed transferee to provide to the Depositor and the
Trustee such documentation as may be required pursuant to Section 3.2 of the
Warrant Agent Agreement, including, if required, a letter substantially in the
form hereof, or such other written statement as the Depositor shall reasonably
prescribe.

         7. The Transferee is a Person who is either:

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

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

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

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

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

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

                                                     Very truly yours,

                                                     [Name of Transferee]

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

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

   Address:
                          ------------------------

   Payment Instructions:
                          ------------------------

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