Document:

Exhibit 4.1

                STRATSSM CERTIFICATES SERIES SUPPLEMENT 2005-4

                                    between

                   SYNTHETIC FIXED-INCOME SECURITIES, INC.,
                                  as Trustor

                                      and

                     U.S. BANK TRUST NATIONAL ASSOCIATION,
                    as Trustee and Securities Intermediary

      STRATSSM TRUST FOR WAL-MART STORES, INC. SECURITIES, SERIES 2005-4

<PAGE>

<TABLE>
<CAPTION>

                               TABLE OF CONTENTS

                                                                                                                 Page
                                                                                                                 ----

PRELIMINARY STATEMENT.............................................................................................1

<S>               <C>                                                                                           <C>
Section 1.        Certain Defined Terms...........................................................................1

Section 2.        Creation and Declaration of Trust; Sale of Underlying Securities; Acceptance by Trustee.........5

Section 3.        Designation.....................................................................................6

Section 4.        Date of the Certificates........................................................................6

Section 5.        Certificate Stated Amount and Denominations.....................................................6

Section 6.        Currency of the Certificates....................................................................6

Section 7.        Form of Securities..............................................................................7

Section 8.        Swap Payments; Collateral Account...............................................................7

Section 9.        Certain Provisions of Base Trust Agreement Not Applicable.......................................7

Section 10.       Distributions...................................................................................7

Section 11.       Termination of Trust...........................................................................10

Section 12.       Limitation of Powers and Duties................................................................10

Section 13.       Compensation of Trustee........................................................................11

Section 14.       Modification or Amendment of the Base Trust Agreement, the Series Supplement or the
                  Swap Agreement.................................................................................12

Section 15.       Assignment of Rights under the Swap Agreement..................................................12

Section 16.       Accounting.....................................................................................13

Section 17.       No Investment of Amounts Received on Underlying Securities.....................................13

Section 18.       No Event of Default............................................................................13

Section 19.       Notices........................................................................................13

Section 20.       Access to Certain Documentation................................................................14

Section 21.       Advances.......................................................................................14

                                      i

<PAGE>

Section 22.       Ratification of Agreement......................................................................14

Section 23.       Counterparts...................................................................................14

Section 24.       Governing Law..................................................................................14

Section 25.       Certificate of Compliance......................................................................14

Section 26.       Certain Filing to be Made by the Trustee.......................................................14

Section 27.       Establishment of Accounts......................................................................15

Section 28.       Statement of Intent............................................................................15

Section 29.       Filing of Partnership Returns..................................................................15

Section 30.       "Financial Assets" Election....................................................................16

Section 31.       Trustee's Entitlement Orders...................................................................16

Section 32.       Conflict with Other Agreements.................................................................16

Section 33.       Additional Trustee and Securities Intermediary Representations.................................16

Section 34.       Additional Trustor Representations.............................................................17

Section 35.       Certification Requirements.....................................................................17

Section 36.       Additional Rights of the Swap Counterparty.....................................................17

Section 37.       Modification of Certain Provisions of Base Trust Agreement.....................................17

Section 38.       Evidence of Integration for Tax Purposes.......................................................18

Section 39.       Optional Exchange..............................................................................18
</TABLE>

Exhibit A -- Identification of the Underlying Securities as of Closing Date
Exhibit B -- Terms of the Certificates as of Closing Date
Exhibit C -- Form of Certificates
Exhibit D -- Form of Swap Agreement
Exhibit E -- Evidence of Integration for Tax Purposes

                                      ii
<PAGE>

         STRATSSM SERIES SUPPLEMENT 2005-4, dated as of October 17, 2005 (this
         "Series Supplement"), between SYNTHETIC FIXED-INCOME SECURITIES,
         INC., a Delaware corporation, as Trustor (the "Trustor"), and U.S.
         Bank Trust National Association, a national banking association, as
         trustee (the "Trustee") and as securities intermediary (the
         "Securities Intermediary").

                             PRELIMINARY STATEMENT

     Pursuant to the Base Trust Agreement, dated as of September 26, 2003 (the
"Base Trust Agreement" and, as supplemented pursuant to the Series Supplement,
the "Agreement"), between the Trustor and the Trustee, such parties may at any
time and from time to time enter into a series supplement supplemental to the
Base Trust Agreement for the purpose of creating a trust. Section 5.13 of the
Base Trust Agreement provides that the Trustor may at any time and from time
to time direct the Trustee to authenticate and deliver, on behalf of any such
trust, a new Series of trust certificates. Each trust certificate of such new
Series of trust certificates will represent a fractional undivided beneficial
interest in such trust. Certain terms and conditions applicable to each such
Series are to be set forth in the related series supplement to the Base Trust
Agreement.

     Pursuant to this Series Supplement, the Trustor and the Trustee shall
create and establish a new trust to be known as STRATSSM Trust For Wal-Mart
Stores, Inc. Securities, Series 2005-4, and a new Series of trust certificates
to be issued thereby, which certificates shall be known as the STRATSSM
Certificates, Series 2005-4, and the Trustor and the Trustee shall herein
specify certain terms and conditions in respect thereof. The Trust shall also
enter into a swap agreement (the "Swap Agreement") pursuant to which the Trust
will exchange interest payments due on the Underlying Securities for payments
from the Swap Counterparty which will be passed through to the
Certificateholders.

     The STRATSSM Certificates, Series 2005-4 shall be floating rate
Certificates (the "Certificates") issued in the form thereof set forth in
Exhibit C.

     On behalf of and pursuant to the authorizing resolutions of the Board of
Directors of the Trustor, an authorized officer of the Trustor has authorized
the execution, authentication and delivery of the Certificates, and has
authorized the Base Trust Agreement, the Swap Agreement (as defined below),
and this Series Supplement in accordance with the terms of Section 5.13 of the
Base Trust Agreement.

     Section 1. Certain Defined Terms. (a) All terms used in this Series
Supplement that are defined in the Base Trust Agreement, either directly or by
reference therein, have the meanings assigned to such terms therein, except to
the extent such terms are defined or modified in this Series Supplement or the
context requires otherwise. The Base Trust Agreement also contains rules as to
usage which shall be applicable hereto.

     (b) Pursuant to Article I of the Base Trust Agreement, the meaning of
certain defined terms used in the Base Trust Agreement shall, when applied to
the trust certificates of a particular Series, be as defined in Article I but
with such additional provisions and modifications

<PAGE>

as are specified in the related series supplement. With respect to the
Certificates, the following definitions shall apply:

     "Acceleration": The acceleration of the maturity of the Underlying
Securities after the occurrence of any default on the Underlying Securities
other than a Payment Default.

     "Accounts": Collectively the Certificate Account and the Collateral
Account.

     "Affected Party": Shall have the meaning provided under the Swap
Agreement.

     "Agreement": Agreement shall have the meaning specified in the
Preliminary Statement to this Series Supplement.

     "Base Trust Agreement": Base Trust Agreement shall have the meaning
specified in the Preliminary Statement to this Series Supplement.

     "Business Day": Any day other than a Saturday, Sunday or a day on which
banking institutions in New York, New York or London, England are authorized
or obligated by law, executive order or governmental decree to be closed.

     "Calculation Agent": Wachovia Bank, National Association, in its capacity
as calculation agent under the Swap Agreement.

     "Certificate Account": With respect to this Series, the Eligible Account,
which shall be a securities account established and maintained by the
Securities Intermediary in the Trustee's name, to which the Underlying
Securities and all payments made on or with respect to the related Underlying
Securities and all payments made to the Trust on or with respect to the Swap
Agreement shall be credited.

     "Certificateholder" or "Holder": With respect to any Certificate, the
Holder thereof.

     "Certificateholders" or "Holders": The Holders of the Certificates.

     "Certificates": Certificates shall have the meaning specified in the
Preliminary Statement to this Series Supplement.

     "Closing Date": October 17, 2005.

     "Collateral Account": With respect to this Series, the Eligible Account,
which shall be a securities account established and maintained by the
Securities Intermediary in the Trustee's name, to which any Posted Collateral
and all proceeds thereof shall be credited in accordance with the Swap
Agreement.

     "Collection Period": The period from (but excluding) the preceding
Distribution Date (or, in the case of the first Distribution Date, from and
including the Closing Date), through and including the current Distribution
Date.

                                      2
<PAGE>

     "Corporate Trust Office": U.S. Bank Trust National Association, 100 Wall
Street, Suite 1600, New York, New York 10005 or such other corporate trust
office as the Trustee shall designate in writing to the Trustor and the
Certificateholders.

     "Defaulting Party": Shall have the meaning provided under the Swap
Agreement.

     "Depositary": The Depositary Trust Company.

     "Depositor": The Trustor acting specifically with respect to the
conveyance of the Underlying Securities under this Series Supplement.

     "Distribution Date": Any Scheduled Distribution Date, the Maturity Date
or any Underlying Securities Default Distribution Date or, if applicable, any
Underlying Securities Redemption Distribution Date.

     "Interest Collections": For any Distribution Date, the sum of (i) all
amounts received during the Collection Period ending on such Distribution Date
from the Swap Counterparty pursuant to the Swap Agreement and (ii) any amounts
representing interest on the Underlying Securities that are actually received
by the Trust pursuant to the Underlying Securities on such Distribution Date
and not required to be paid to the Swap Counterparty pursuant to the Swap
Agreement.

     "Maturity Date": February 15, 2030.

     "Optional Exchange": Any exchange of Certificates held by the Depositor
for Underlying Securities under Section 39 of this Series Supplement.

     "Payment Default": A default by the Underlying Securities Issuer in the
payment of any amount due on the Underlying Securities after the same becomes
due and payable on any Underlying Securities Payment Date (and the expiration
of any applicable grace period on the Underlying Securities).

     "Place of Distribution": New York, New York.

     "Posted Collateral": Shall have the meaning provided under the Swap
Agreement.

     "Rating Agency": S&P and any successor thereto. References to "the Rating
Agency" in the Agreement shall be deemed to be such credit rating agency.

     "Record Date": With respect to any Distribution Date, the day immediately
preceding such Distribution Date.

     "S&P": Standard & Poor's Ratings Services or any successor thereto.

     "Scheduled Distribution Date": (i) For so long as the Swap Agreement
shall not have been terminated the 15th day of each calendar month, or, if any
such day is not a Business Day, then the immediately following Business Day,
commencing November 15, 2005, until the

                                      3
<PAGE>

date on which the Certificates have been retired; provided, however, that
payment on each Scheduled Distribution Date shall be subject to prior payment
of interest or principal, as applicable, on the Underlying Securities or

     (ii) upon the occurrence of a Swap Agreement Termination Event that is
not also a Trust Termination Event, Scheduled Distribution Dates will
thereafter occur semi-annually on each February 15 and August 15, or the
immediately following Business Day, until the Certificates have been retired.

     "SEC Reporting Failure": Any circumstance in which the Underlying
Securities Issuer either (x) states in writing that it intends permanently to
cease filing periodic reports required under the Securities Exchange Act of
1934 or (y) fails to file its required periodic reports for any quarterly
reporting period, and (2) the Trustor determines after consultation with the
Securities and Exchange Commission, that under applicable securities laws,
rules or regulations the Trust must be liquidated or the Underlying Securities
distributed.

     "Specified Currency": United States Dollars.

     "Swap Agreement": The ISDA Master Agreement dated as of the Closing Date,
between the Trust and the Swap Counterparty (including the Schedule thereto)
as supplemented by Confirmation Number 1238140, in the form attached hereto as
Exhibit D.

     "Swap Agreement Termination Event": The occurrence of any "Event of
Default" or "Termination Event" under the Swap Agreement.

     "Swap Counterparty": Wachovia Bank, N.A., or any permitted successor or
assign thereto.

     "Trust": STRATS(SM) Trust For Wal-Mart Stores, Inc. Securities, Series
2005-4.

     "Trust Termination Event": (a) the payment in full at maturity or upon
early redemption of the Certificates, (b) the final distribution of the
proceeds received upon a recovery on the Underlying Securities (after
deducting the costs incurred in connection therewith) after an Acceleration or
other default with respect to the Underlying Securities (and the expiration of
any applicable grace period on the Underlying Securities), (c) the
distribution (or liquidation and distribution) of the Underlying Securities in
accordance with Section 10(i) hereof in the event of an SEC Reporting Failure,
(d) any Swap Agreement Termination Event pursuant to which the Trust is the
Defaulting Party or an Affected Party and amounts are owed by the Trust under
the Swap Agreement that are in excess of the redemption proceeds or other
current distributions on the Underlying Securities or (e) any Optional
Exchange of all Certificates then outstanding.

     "Underlying Securities": As of the Closing Date, $25,000,000 of 7.55%
Notes due 2030 issued by the Underlying Securities Issuer, sold to the Trustee
by Wachovia Securities and identified on Exhibit A hereto.

     "Underlying Securities Default Distribution Date": The date on which the
Trustee makes a final distribution of the proceeds received in connection with
a recovery on the Underlying Securities (in the case of Payment Default, after
deducting any costs incurred in

                                      4
<PAGE>

connection therewith) following a Payment Default or an Acceleration or other
default with respect to the Underlying Securities.

     "Underlying Securities Issuer": Wal-Mart Stores, Inc.

     "Underlying Securities Payment Date": The 15th day of each February and
August ending on February 15, 2030; provided, however, that if any Underlying
Securities Payment Date would otherwise fall on a day that is not a Business
Day, such Underlying Securities Payment Date will be the following Business
Day.

     "Underlying Securities Redemption Distribution Date": Any date on which
the payment of the principal of the Underlying Securities, either in whole or
in part, is paid to the Trustee.

     "Underlying Securities Trustee": The trustee for the Underlying
Securities.

     "Unpaid Amounts": As to the Trust or the Swap Counterparty, respectively,
an amount equal to the regular scheduled payments that such party is otherwise
required to make under the Swap Agreement, through, but excluding, the date on
which the Swap Agreement is terminated.

     "Voting Rights": The Certificateholders shall have 100% of the total
Voting Rights with respect to the Certificates and shall be allocated among
all Holders of Certificates in proportion to the Stated Amounts held by such
Holders on any date of determination.

     "Wachovia Securities": Wachovia Capital Markets, LLC.

     Section 2. Creation and Declaration of Trust; Sale of Underlying
Securities; Acceptance by Trustee. (a) The Trust, of which the Trustee is the
trustee, is hereby created under the laws of the State of New York for the
benefit of the holders of the Certificates and the Swap Counterparty. The
Trust shall be irrevocable.

     (b) The Trustor, acting as Depositor, does hereby sell, assign, convey
and set-over to the Trustee, on behalf and for the benefit of the Trust, the
Underlying Securities at a purchase price of $32,205,250 in cash. The Trustee
shall pay the full purchase price for the Underlying Securities by delivering
to Wachovia Securities, for the account of the Depositor, and as the assignee
of Depositor with respect to such amounts, (i) $31,880,180.56 on the Closing
Date and (ii) $325,069.44 on February 15, 2006, which represents the accrued
and unpaid interest of the Underlying Securities on the Closing Date. The
amounts to be paid to Wachovia Securities set forth in clause (i) above, shall
be paid from the proceeds of the issuance of the Certificates to be received
by the Trustee on the Closing Date. The amounts to be paid to Wachovia
Securities set forth in clause (ii) above, shall be paid from the interest
payment on the Underlying Securities to be received by the Trustee on February
15, 2006. In the event that such interest payment on the Underlying Securities
is not received by the Trustee on such date or is otherwise insufficient to
pay such amount of accrued and unpaid interest to Wachovia Securities,
Wachovia Securities, for the account of the Depositor, and as assignee of
Depositor with respect to such amounts, shall have a claim for the unpaid
portion of such amount and shall share pari passu with Certificateholders to
the extent of such claim in the proceeds from the sale or

                                      5
<PAGE>

recovery of the Underlying Securities. The Trustor hereby instructs the
Trustee on behalf of and for the benefit of the Trust to enter into and
execute the Swap Agreement and perform the obligations thereunder on behalf of
the Trust, including, but not limited to, receiving and returning any
collateral posted by the Swap Counterparty in accordance with the Swap
Agreement.

     (c) The Trustee hereby (i) acknowledges such sale, deposit and delivery,
pursuant to subsection (b) above, and receipt by it of the Underlying
Securities, (ii) acknowledges receipt of the duly authorized and executed Swap
Agreement, (iii) accepts the trusts created hereunder in accordance with the
provisions hereof and of the Base Trust Agreement but subject to the Trustee's
obligation, as and when the same may arise, to make any payment or other
distribution of the assets of the Trust as may be required pursuant to this
Series Supplement, the Base Trust Agreement, the Certificates and the Swap
Agreement, and (iv) agrees to perform the duties herein or therein required
and any failure to receive reimbursement of expenses and disbursements under
Section 13 hereof shall not release the Trustee from its duties herein or
therein.

     Section 3. Designation. There is hereby created a Series of trust
certificates to be issued pursuant to the Base Trust Agreement and this Series
Supplement to be known as the "STRATSSM Certificates, Series 2005-4". The
Certificates shall have the terms provided for in this Series Supplement. The
Certificates shall be issued in the amount set forth in Section 5 and with the
additional terms set forth in Exhibit B to this Series Supplement. The
Certificates shall be issued in substantially the form set forth in Exhibit C
to this Series Supplement with such necessary or appropriate changes as shall
be approved by the Trustor and the Trustee, such approval to be manifested by
the execution and authentication thereof by the Trustee. The Certificates
shall evidence undivided ownership interests in the assets of the Trust,
subject to the liabilities of the Trust and shall be payable solely from
payments or property received by the Trustee on or in respect of the
Underlying Securities and the Swap Agreement.

     Section 4. Date of the Certificates. The Certificates that are
authenticated and delivered by the Trustee to or upon Trustor Order on the
Closing Date shall be dated the Closing Date. All other Certificates that are
authenticated after the Closing Date for any other purpose under the Agreement
shall be dated the date of their authentication.

     Section 5. Certificate Stated Amount and Denominations. On the
Closing Date, up to 1,000,000 Certificates with an aggregate Stated Amount of
$25,000,000 may be authenticated and delivered under the Base Trust Agreement
and this Series Supplement. The Stated Amount of the Certificates shall equal
100% of the initial principal amount of Underlying Securities sold to the
Trustee and deposited in the Trust. Such Stated Amount shall be calculated
without regard to Certificates authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Certificates pursuant
to Sections 5.3, 5.4 or 5.5 of the Base Trust Agreement.

     Section 6. Currency of the Certificates. All distributions on the
Certificates will be made in the Specified Currency.

                                      6
<PAGE>

     Section 7. Form of Securities. The Trustee shall execute and
deliver the Certificates in the form of one or more global certificates
registered in the name of the Depositary or its nominee.

     Section 8. Swap Payments; Collateral Account. (a) The Trust shall
pay to the Swap Counterparty (i) for so long as the Swap Agreement shall not
have been terminated, an amount equal to all interest payments received by the
Trust in respect of the Underlying Securities on each Underlying Securities
Payment Date or on any other date such amounts are received by the Trust,
excluding any amount of interest that accrued with respect to the Underlying
Securities from the Underlying Securities Payment Date immediately preceding
the Closing Date to, but excluding, the Closing Date and (ii) all other
amounts owing to the Swap Counterparty under the Swap Agreement to the extent
Trust assets are sufficient therefor, including but not limited to all Unpaid
Amounts upon the occurrence of any Swap Agreement Termination Event

     (b) The Trustee shall within 3 Business Days of the Closing Date
establish the Collateral Account. Any and all amounts at any time on deposit
in the Collateral Account shall be held in trust by the Trustee for the
benefit of Certificateholders and the Swap Counterparty; provided, that, the
only permitted withdrawal from or application of funds on deposit in, or
otherwise to the credit of, the Collateral Account shall be (i) for
application to obligations of the Swap Counterparty to the Trust under the
Swap Agreement in accordance with the terms of the Swap Agreement or (ii) to
return Posted Collateral to the Swap Counterparty when and as required by the
Swap Agreement, which the Trustee shall return to the Swap Counterparty in
accordance with the related Swap Agreement.

     Section 9. Certain Provisions of Base Trust Agreement Not
Applicable. The provisions of Sections 5.11, 5.16, 6.2, Article VII, 8.1, 8.2
and 8.10 of the Base Trust Agreement and any other provision of the Base Trust
Agreement which imposes obligations on or creates rights in favor of the
Trustee or the Certificateholders as a result of or in connection with an
"Event of Default" or "Administrative Agent Termination Event" shall be
inapplicable with respect to the Certificates. In addition, there is no
"Administrative Agent" specified herein, and all references to "Administrative
Agent" in the Base Trust Agreement, therefore shall be inapplicable with
respect to the Certificates.

     Section 10. Distributions. (a) On each Distribution Date so long as
no Swap Agreement Termination Event has occurred for which the Trust is the
Defaulting Party or an Affected Party, the Trustee shall distribute to the
Certificateholders the Interest Collections. On the Maturity Date, and to the
extent received on any other Scheduled Distribution Date or any Underlying
Securities Redemption Distribution Date, so long as no Swap Agreement
Termination Event has occurred for which the Trust is the Defaulting Party or
an Affected Party, the Trustee shall distribute to the Certificateholders, the
principal amount of the Underlying Securities to the extent the principal of
the Underlying Securities is received by the Trustee on such date or during
the related Collection Period plus any accrued interest thereon.

     (b) If a Swap Agreement Termination Event has occurred for which the
Trust is the Defaulting Party or an Affected Party, the Trustee, first, shall
distribute all collections received on the Underlying Securities to the Swap
Counterparty until all amounts owing to the

                                      7
<PAGE>

Swap Counterparty under the Swap Agreement for payments in connection with
such Swap Agreement Termination Event (including any Unpaid Amounts) have been
paid in full and, second, shall distribute all remaining amounts to the
Certificateholders. If the distribution in the preceding sentence is
insufficient to pay in full all amounts owing to the Swap Counterparty, the
Trustee shall proceed to liquidate or distribute the Underlying Securities in
accordance with Section 10(h). Upon any liquidation of the Underlying
Securities, the Trustee, first, shall distribute the proceeds thereof to the
Swap Counterparty until all amounts owing to the Swap Counterparty have been
paid in full and, second, shall distribute all remaining amounts to the
Certificateholders. In the event of a Swap Agreement Termination Event, after
paying all amounts due to the Swap Counterparty as set forth in the first
sentence of this Section 10(b), if no Trust Termination Event has occurred,
all Interest Collections shall thereafter be distributed to Certificateholders
on each applicable Distribution Date. If a Swap Agreement Termination Event
has occurred for which the Swap Counterparty is the Defaulting Party or the
only Affected Party, notwithstanding the termination of the Swap Agreement,
the Trustee shall distribute any Unpaid Amounts to the Swap Counterparty from
Interest Collections on the Underlying Securities.

     (c) In all cases hereunder, if any payment with respect to the Underlying
Securities is made to the Trustee after the Underlying Securities Payment Date
on which such payment was due, the Trustee shall distribute such amount
received on the Business Day following such receipt.

     (d) In the event of a Payment Default while the Swap Agreement is in
effect and if any payment is due to the Swap Counterparty, the Underlying
Securities will be liquidated in accordance with Section 10(h). Otherwise, in
the event of a Payment Default, the Trustee shall proceed against the
Underlying Securities Issuer on behalf of the Certificateholders to enforce
the Underlying Securities or otherwise to protect the interests of the
Certificateholders, subject to the receipt of indemnity in form and substance
satisfactory to the Trustee; provided, that Holders of the Certificates
representing a majority of the Voting Rights on the Certificates will be
entitled to direct the Trustee in any such proceeding or direct the Trustee to
sell the Underlying Securities, subject to the Trustee's receipt of
satisfactory indemnity.

     (e) In the event of an Acceleration and a corresponding payment on the
Underlying Securities prior to any liquidation of the Underlying Securities
hereunder, the Trustee shall distribute the proceeds to the Certificateholders
no later than two (2) Business Days after the receipt of immediately available
funds pursuant to Section 10(b).

     (f) In the event the Trustee receives property other than cash in respect
of the Underlying Securities such property will be applied first, to the Swap
Counterparty until all amounts owing to the Swap Counterparty have been paid
in full and, second, to the Certificateholders. Property other than cash will
be liquidated by the Trustee, and the proceeds thereof distributed in cash, to
the extent necessary to pay to the Swap Counterparty all amounts owed to it
under the Swap Agreement and, thereafter, to the extent necessary to avoid
distribution of fractional securities to Certificateholders. In-kind
distribution of Underlying Securities or other property to Certificateholders
will be deemed to reduce the Stated Amount of Certificates on a proportionate
basis. Following such in-kind distribution, all Certificates will be
cancelled. No amounts will be distributed to the Trustor in respect of the
Underlying Securities.

                                      8
<PAGE>

The Swap Counterparty shall direct the Trustee with respect to any liquidation
of such property to the extent of the full amount owed to it under the Swap
Agreement.

     (g) If an SEC Reporting Failure occurs, then the Trustor shall promptly
notify the Trustee, the Swap Counterparty and the Rating Agency of such SEC
Reporting Failure and the Trustee shall, only if instructed by the Trustor,
proceed to liquidate or distribute the Underlying Securities in accordance
with Section 10(h).

     (h) If at any time, the Trustee is directed to sell the Underlying
Securities, the Trustee shall solicit bids for the sale of the Underlying
Securities with settlement thereof on or before the third (3rd) Business Day
after such sale from three leading dealers in the relevant market, which may
include but is not limited to any three of the following dealers: (1) Wachovia
Securities, (2) Goldman, Sachs & Co., (3) Lehman Brothers Inc., (4) Merrill
Lynch, Pierce, Fenner & Smith Incorporated, (5) Citigroup Global Markets Inc.,
(6) J.P. Morgan Securities Inc. and (7) Deutsche Bank Securities Inc.;
provided, however, that no bid from Wachovia Securities or any affiliate
thereof shall be accepted unless such bid equals the then fair market value of
such Underlying Securities. The Trustee shall not be responsible for the
failure to obtain a bid so long as it has made reasonable efforts to obtain
bids. If a bid for the sale of the Underlying Securities has been accepted by
the Trustee but the sale has failed to settle on the proposed settlement date,
the Trustee shall request new bids from such leading dealers. In any
circumstance in which the sale of the Underlying Securities is required
hereunder, the Trustee shall, to the extent it is so directed by the Trustor,
provide Certificateholders with the option to elect to receive an "in-kind"
distribution of their pro rata share of the Underlying Securities; provided,
that, (1) an in-kind distribution shall be subject to the prior sale of
Underlying Securities in accordance with the provisions of this Section 10(h)
to the extent necessary, to pay any amounts owing to the Swap Counterparty
under Section 10(b), (2) a Certificateholders' pro rata share of the
Underlying Securities shall be a principal amount of Underlying Securities
equal to the aggregate principal amount of the Underlying Securities minus the
amount required to be distributed to the Swap Counterparty pursuant to the
second sentence of Section 10(b) multiplied by a fraction the numerator of
which is the Stated Amount of that holder's Certificates and the denominator
of which is the aggregate principal amount of the Underlying Securities and
(3) odd-lot amounts that cannot be distributed in-kind because they are not
within the authorized denominations of the Underlying Securities shall be
distributed in cash. Any such in-kind distribution shall constitute the final
distribution in respect of the Certificates as to which such option is
exercised.

     (i) Distributions to the Certificateholders on each Distribution Date
will be made to the Certificateholders of record on the Record Date.

     (j) All distributions to Certificateholders shall be allocated pro rata
among the Certificates based on their respective Outstanding Amounts as of the
Record Date.

     (k) Notwithstanding any provision of the Agreement to the contrary, to
the extent funds are available, the Trustee will initiate payment in
immediately available funds by 1:00 P.M. (New York City time) on each
Distribution Date of all amounts payable to each Certificateholder with
respect to any Certificate held by such Certificateholder or its nominee
(without the necessity for any presentation or surrender thereof or any
notation of such payment thereon) in the manner and at the address as each
Certificateholder may from time to time direct

                                      9
<PAGE>

the Trustee in writing 15 days prior to such Distribution Date requesting that
such payment will be so made and designating the bank account to which such
payments shall be so made. The Trustee shall be entitled to rely on the last
instruction delivered by the Certificateholder pursuant to this Section 10(k)
unless a new instruction is delivered 15 days prior to a Distribution Date.

     (l) The rights of the Certificateholders to receive distributions in
respect of the Certificates, and all interests of the Certificateholders in
such distributions, shall be as set forth in this Series Supplement. The
Trustee shall in no way be responsible or liable to the Certificateholders nor
shall any Certificateholder in any way be responsible or liable to any other
Certificateholder in respect of amounts previously distributed on the
Certificates based on their respective Outstanding Amounts.

     Section 11. Termination of Trust. (a) The Trust shall terminate upon
the occurrence of any Trust Termination Event.

     (b) Except for any reports and other information required to be provided
to Certificateholders hereunder and under the Base Trust Agreement and except
as otherwise specified herein and therein, the obligations of the Trustee will
terminate upon the distribution to the Swap Counterparty and
Certificateholders of all amounts required to be distributed to them and the
disposition of all Underlying Securities held by the Trustee. The Trust shall
thereupon terminate, except for surviving rights of indemnity.

     Section 12. Limitation of Powers and Duties. (a) The Trustee shall
administer the Trust and the Underlying Securities solely as specified herein
and in the Base Trust Agreement.

     (b) The Trust is constituted solely for the purpose of acquiring and
holding the Underlying Securities, entering into and performing its
obligations under the Swap Agreement and issuing the Certificates. The Trustee
is not authorized to acquire any other investments or engage in any activities
not authorized herein and, in particular, unless expressly provided in the
Agreement, the Trustee is not authorized (i) to sell, assign, transfer,
exchange, pledge, set-off or otherwise dispose of any of the Underlying
Securities, once acquired, or interests therein, including to
Certificateholders, (ii) to merge or consolidate the Trust with any other
entity, or (iii) to do anything that would materially increase the likelihood
that the Trust will fail to qualify as a grantor trust for United States
federal income tax purposes. In addition, the Trustee has no power to create,
assume or incur indebtedness or other liabilities in the name of the Trust
other than as contemplated herein and in the Base Trust Agreement.

     (c) The parties acknowledge that the Trustee, as the holder of the
Underlying Securities, has the right to vote and give consents and waivers in
respect of the Underlying Securities and enforce the other rights, if any, of
a holder of the Underlying Securities, except as otherwise limited by the Base
Trust Agreement or this Series Supplement. In the event that the Trustee
receives a request from the Underlying Securities Trustee, the Underlying
Securities Issuer or, if applicable, the Depositary with respect to the
Underlying Securities, for the Trustee's consent to any amendment,
modification or waiver of the Underlying Securities, or any document relating
thereto, or receives any other solicitation for any action with respect to the
Underlying Securities, the Trustee shall within two (2) Business Days mail a
notice of such

                                      10
<PAGE>

proposed amendment, modification, waiver or solicitation to the Swap
Counterparty and each Certificateholder of record as of the date of such
request. The Trustee shall request instructions from the Certificateholders as
to what action to take in response to such request and shall be protected in
taking no action if no direction is received. Except as otherwise provided
herein, the Trustee shall consent or vote, or refrain from consenting or
voting, in the same proportion (based on the Stated Amounts of the
Certificates of each Class as allocated based on the respective Voting Rights
of each Class) as the Certificates were actually voted or not voted by the
Holders thereof as of the date determined by the Trustee prior to the date
such vote or consent is required; provided, however, that, notwithstanding
anything to the contrary in the Base Trust Agreement or this Series
Supplement, the Trustee shall at no time vote in favor of or consent to any
matter (i) which would alter the timing or amount of any payment on the
Underlying Securities (including, without limitation, any demand to accelerate
the Underlying Securities) or (ii) which would result in the exchange or
substitution of any Underlying Security whether or not pursuant to a plan for
the refunding or refinancing of such Underlying Security, except in each case
with the unanimous consent of the Certificateholders; provided, further, that
the Trustee shall not take any such action if it would affect the method,
amount or timing of payments due to the Swap Counterparty or otherwise
materially adversely affect the interests of the Swap Counterparty under the
Swap Agreement and result in a Swap Agreement Termination Event, in each case
without the prior written consent of the Swap Counterparty. The Trustee shall
have no liability for any failure to act or to refrain from acting resulting
from the Certificateholders' late return of, or failure to return, directions
requested by the Trustee from the Certificateholders.

     (d) Notwithstanding any provision of the Agreement to the contrary, the
Trustee may require from the Certificateholders prior to taking any action at
the direction of the Certificateholders, an indemnity agreement of a
Certificateholder or any of its Affiliates to provide for security or
indemnity against the costs, expenses and liabilities the Trustee may incur by
reason of any such action. An unsecured indemnity agreement, if acceptable to
the Trustee, shall be deemed to be sufficient to satisfy such security or
indemnity requirement.

     (e) Notwithstanding any provision of the Agreement to the contrary, the
Trustee shall act as the sole Authenticating Agent, Paying Agent and
Registrar.

     Section 13. Compensation of Trustee. The Trustee shall be entitled
to receive from the Trustor as compensation for its services hereunder,
trustee's fees pursuant to a separate agreement between the Trustee and the
Trustor, and shall be reimbursed for all reasonable expenses, disbursements
and advances incurred or made by it (including the reasonable compensation,
disbursements and expenses of its counsel and other persons not regularly in
its employ). The Trustor shall indemnify and hold harmless the Trustee and its
successors, assigns, agents and servants against any and all loss, liability
or reasonable expense (including attorney's fees) incurred by it in connection
with the administration of this trust and the performance of its duties
thereunder. The Trustee shall notify the Trustor promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify the Trustor
shall not relieve the Trustor of its obligations hereunder. The Trustor need
not reimburse any expense or indemnify against any loss, liability or expense
incurred by the Trustee through the Trustee's own willful misconduct,
negligence or bad faith. The indemnities contained in this Section 13 shall
survive the resignation or termination of the Trustee or the termination of
this Agreement.

                                      11
<PAGE>

     Failure by the Trustor to pay, reimburse or indemnify the Trustee shall
not entitle the Trustee to any payment, reimbursement or indemnification from
the Trust, nor shall such failure release the Trustee from the duties it is
required to perform under this Series Supplement. Any unpaid, unreimbursed or
unindemnified amounts shall not be borne by the Trust and shall not constitute
a claim against the Trust, but shall be borne by the Trustee in its individual
capacity, and the Trustee shall have no recourse against the Trust with
respect thereto.

     Section 14. Modification or Amendment of the Base Trust Agreement,
the Series Supplement or the Swap Agreement. (a) The Trustee shall not enter
into any modification or amendment of the Base Trust Agreement or this Series
Supplement unless such modification or amendment is in accordance with Section
10.1 of the Base Trust Agreement. If the Rating Agency Condition is not
satisfied with respect to any proposed modification or amendment of the Base
Trust Agreement or this Series Supplement, then any such modification or
amendment must be approved by 100% of the Certificateholders. The Trustee
shall not enter into any amendment or modification of this Agreement that
would affect the method, amount or timing of payment due to the Swap
Counterparty or the consent rights of the Swap Counterparty hereunder or
otherwise materially adversely affect the interests of the Swap Counterparty
under the Swap Agreement and result in a Swap Agreement Termination Event, in
each case without the prior written consent of the Swap Counterparty. The
Trustee shall provide fifteen Business Days written notice to the Swap
Counterparty before entering into any amendment or modification of this
Agreement pursuant to this Section 14.

     (b) The Trustee shall not enter into any modification or amendment of the
Swap Agreement without the prior written consent of holders of Certificates
representing 66 ?% of the Voting Rights and without prior written confirmation
from the Rating Agency that such amendment will not result in a reduction or
withdrawal of the then current rating of the Certificates; provided, however,
that each of the Swap Counterparty and the Trustee may amend the Swap
Agreement without the prior written consent of Certificateholders to cure any
ambiguity in, or to correct or supplement any provision of the Swap Agreement
which may be inconsistent with any other provision of the Swap Agreement, or
to otherwise cure any defect in the Swap Agreement, provided that any such
amendment does not materially adversely affect the interest of the
Certificateholders and that the Rating Agency will have given its prior
written confirmation that such amendment will not result in a reduction or
withdrawal of the then current rating of the Certificates; provided further,
however, that notwithstanding anything to the contrary, no amendment may alter
the timing or amount of any payment on the Swap Agreement without the prior
consent of 100% of the Certificateholders and without giving the Rating Agency
prior written notice of any such amendment.

     (c) Until a Responsible Officer of the Trustee has actual knowledge of
the occurrence of an event that would constitute a Swap Agreement Termination
Event, the Trustee shall be entitled to assume (and shall be fully protected,
indemnified and held harmless in doing so) that no Swap Agreement Termination
Event has occurred and may accordingly seek instructions under Section 12 and
this Section 14 exclusively from the Swap Counterparty.

     Section 15. Assignment of Rights under the Swap Agreement. The
Trustee may consent to any transfer or assignment by the Swap Counterparty of
its rights under the Swap Agreement, so long as the Rating Agency shall have
given its prior written confirmation that

                                      12
<PAGE>

such transfer or assignment will not result in a reduction or withdrawal of
the then current rating of the Certificates.

     Section 16. Accounting. Notwithstanding Section 3.16 of the Base
Trust Agreement, "Independent Public Accountants' Administration Report," no
such accounting reports shall be required. Pursuant to Section 4.2 of the Base
Trust Agreement, "Reports to Certificateholders," the Trustee shall cause the
statement described in Section 4.2 to be prepared and forwarded as provided
therein.

     Section 17. No Investment of Amounts Received on Underlying
Securities. All amounts received on or with respect to the Underlying
Securities and all payments made to the Trust on or with respect to the Swap
Agreement shall be held uninvested by the Trustee.

     Section 18. No Event of Default. There shall be no Events of Default
defined with respect to the Certificates.

     Section 19. Notices. (a) All directions, demands and notices
hereunder and under the Agreement shall be in writing and shall be deemed to
have been duly given when received if personally delivered or mailed by first
class mail, postage prepaid or by express delivery service or by certified
mail, return receipt requested or delivered in any other manner specified
herein, (i) in the case of the Trustor, to Synthetic Fixed-Income Securities,
Inc., One Wachovia Center 301 South College Street, DC-7 Charlotte, NC 28288,
Attention: Structured Notes Desk, or such other address as may hereafter be
furnished to the Trustee in writing by the Trustor, and (ii) in the case of
the Trustee, to U.S. Bank Trust National Association, 100 Wall Street, Suite
1600, New York, New York 10005, Attention: Corporate Trust, facsimile number
(212) 809-5459, or such other address as may hereafter be furnished to the
Trustor in writing by the Trustee.

     (b) For purposes of delivering notices to the Rating Agency under Section
10.07 of the Base Trust Agreement, "Notice to Rating Agency," or otherwise,
such notices shall be mailed or delivered as provided in such Section 10.07,
"Notice to Rating Agency," to: Standard & Poor's Ratings Services, 55 Water
Street, New York, New York 10041; or such other address as the Rating Agency
may designate in writing to the parties hereto.

     (c) In the event a Payment Default or an Acceleration occurs, the Trustee
shall promptly give notice to the Swap Counterparty and to the Depositary or,
for any Certificates which are not then held by the Depositary or any other
depository, directly to the registered holders of the Certificates thereof.
Such notice shall set forth (i) the identity of the issue of Underlying
Securities, (ii) the date and nature of such Payment Default or Acceleration,
(iii) the principal amount of the interest or principal in default, (iv) the
Certificates affected by the Payment Default or Acceleration, and (v) any
other information which the Trustee may deem appropriate.

     (d) Notwithstanding any provisions of the Agreement to the contrary, the
Trustee shall deliver all notices or reports required to be delivered to or by
the Trustee or the Trustor to the Certificateholders or the Swap Counterparty
without charge to such Certificateholders or the Swap Counterparty.

                                      13
<PAGE>

     (e) The Trustee shall, in connection with any notice or delivery of
documents to Certificateholders (whether or not such notice or delivery is
required pursuant to the Agreement), provide such notice or documents to the
Swap Counterparty concurrently with the delivery thereof to the
Certificateholders.

     Section 20. Access to Certain Documentation. Access to documentation
regarding the Underlying Securities will be afforded without charge to any
Certificateholder so requesting pursuant to Section 3.17 of the Base Trust
Agreement, "Access to Certain Documentation." Additionally, the Trustee shall
provide at the request of any Certificateholder without charge to such
Certificateholder the name and address of each Certificateholder of
Certificates hereunder as recorded in the Certificate Register for purposes of
contacting the other Certificateholders with respect to their rights hereunder
or for the purposes of effecting purchases or sales of the Certificates,
subject to the transfer restrictions set forth herein.

     Section 21. Advances. There is no Administrative Agent specified
herein; hence no person (including the Trustee) shall be permitted or
obligated to make Advances as described in Section 4.3 of the Base Trust
Agreement, "Advances."

     Section 22. Ratification of Agreement. With respect to the Series
issued hereby, the Base Trust Agreement (including the grant of a security
interest in Section 10.8 of the Base Trust Agreement with respect to the
Underlying Securities conveyed hereunder), as supplemented by this Series
Supplement, is in all respects ratified and confirmed, and the Base Trust
Agreement as so supplemented by this Series Supplement shall be read, taken
and construed as one and the same instrument. To the extent there is any
inconsistency between the terms of the Base Trust Agreement and this Series
Supplement, the terms of this Series Supplement shall govern.

     Section 23. Counterparts. This Series Supplement may be executed in
any number of counterparts, each of which so executed shall be deemed to be an
original, but all of such counterparts shall together constitute but one and
the same instrument.

     Section 24. Governing Law. This Series Supplement and each
Certificate issued hereunder shall be governed by and construed in accordance
with the laws of the State of New York applicable to agreements made and to be
performed entirely therein without reference to such State's principles of
conflicts of law to the extent that the application of the laws of another
jurisdiction would be required thereby, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such
laws. The State of New York is the securities intermediary's jurisdiction of
the Securities Intermediary for purposes of the UCC.

     Section 25. Certificate of Compliance. The Trustor shall deliver to
the Trustee and the Swap Counterparty on or prior to June 30 of each year
prior to a Trust Termination Event the Officer's Certificate as to compliance
as required by Section 6.1(b) of the Base Trust Agreement.

     Section 26. Certain Filing to be Made by the Trustee. In the event
that an event requiring the sale of the Underlying Securities under this
Agreement occurs and the Underlying Securities are liquidated at a loss, the
Trustee will disclose pursuant to Treasury Regulation

                                      14
<PAGE>

Section 1.6011-4 the loss in accordance with the procedures of such
regulation, unless the Trustee obtains advice from counsel that such
disclosure is not necessary. In general, the Trustee will (x) attach a
completed Form 8886 to its tax return in the year the requisite loss occurs
and (y) file a completed form with the Office of Tax Shelter Analysis (OTSA)
at: Internal Revenue Service LM:PFTG:OTSA, Large and Midsize Business
Division, 1111 Constitution Avenue., NW., Washington DC 20224 (or such other
address subsequently required).

     Section 27. Establishment of Accounts. The Securities Intermediary
and the Trustee hereby represent and warrant that:

     (a) Each Account for the Trust is a "securities account" within the
meaning of Section 8-501 of the UCC and is held only in the name of the
Trustee on behalf of the Trust. The Securities Intermediary is acting in the
capacity of a "securities intermediary" within the meaning of Section
8-102(a)(14) of the UCC;

     (b) All Underlying Securities have been (i) delivered to the Securities
Intermediary pursuant to the Agreement and (ii) credited to the Certificate
Account; and

     (c) Each Account is an account to which financial assets are or may be
credited, and the Securities Intermediary shall treat the Trustee as entitled
to exercise the rights that comprise any financial asset credited to the
Accounts.

     Section 28. Statement of Intent. It is the intention of the parties
hereto that, for purposes of federal income taxes, state and local income and
franchise taxes and any other taxes imposed upon, measured by or based upon
gross or net income, the Trust shall be treated as a grantor trust, but
failing that, as a partnership (other than a publicly traded partnership
taxable as a corporation) and, in any event, shall not be classified as a
corporation. The parties hereto agree that, unless otherwise required by
appropriate tax authorities, the Trustee shall file or cause to be filed
annual or other necessary returns, reports and other forms consistent with
such intended characterization. In the event that the Trust is characterized
by appropriate tax authorities as a partnership for federal income tax
purposes, each Certificateholder, by its acceptance of its Certificate, agrees
to report its respective share of the items of income, deductions, and credits
of the Trust on its respective returns. As further consideration for each
Certificateholder's purchase of a Certificate, each such Certificateholder is
deemed to agree not to irrevocably delegate to any person (for a period of
more than one year) authority to purchase, sell or exchange its Certificates.

     Each Certificateholder (and each beneficial owner of a Certificate) by
acceptance of its Certificate (or its beneficial interest therein) agrees,
unless otherwise required by appropriate tax authorities, to file its own tax
returns and reports in a manner consistent with the characterization indicated
above.

     Section 29. Filing of Partnership Returns. In the event that the
Trust is characterized (by appropriate tax authorities) as a partnership for
United States federal income tax purposes the Trustor agrees to reimburse the
Trust for any expenses associated with the filing of partnership returns (or
returns related thereto).

                                      15
<PAGE>

     Section 30. "Financial Assets" Election. The Securities Intermediary
hereby agrees that the Underlying Securities credited to the Certificate
Account and any Posted Collateral credited to the Collateral Account shall be
treated as a "financial asset" within the meaning of Section 8-102(a)(9) of
the UCC.

     Section 31. Trustee's Entitlement Orders. If at any time the
Securities Intermediary shall receive any order from the Trustee directing the
transfer or redemption of any Underlying Securities credited to the Accounts,
the Securities Intermediary shall comply with such entitlement order without
further consent by the Trustor or any other Person. The Securities
Intermediary shall take all instructions (including without limitation all
notifications and entitlement orders) with respect to the Accounts solely from
the Trustee.

     Section 32. Conflict with Other Agreements. The Securities
Intermediary hereby confirms and agrees that:

     (a) There are no other agreements entered into between the Securities
Intermediary and the Trustor with respect to the Accounts. Each Account and
all property credited to the Account is not subject to, and the Securities
Intermediary hereby waives, any lien, security interest, right of set off, or
encumbrance in favor of the Securities Intermediary or any Person claiming
through the Securities Intermediary (other than the Trustee);

     (b) It has not entered into, and until the termination of the Agreement
will not enter into, any agreement with any other Person relating to the
Accounts and/or any financial assets credited thereto pursuant to which it has
agreed to comply with entitlement orders of any Person other than the Trustee;
and

     (c) It has not entered into, and until the termination of the Agreement
will not enter into, any agreement with any Person purporting to limit or
condition the obligation of the Securities Intermediary to comply with
entitlement orders as set forth in Section 31 hereof.

     Section 33. Additional Trustee and Securities Intermediary
Representations. The Trustee and the Securities Intermediary each hereby
represents and warrants as follows:

     (a) The Trustee and the Securities Intermediary each maintains its books
and records with respect to its securities accounts in the State of New York;

     (b) The Trustee and the Securities Intermediary each has not granted any
lien on the Underlying Securities nor are the Underlying Securities subject to
any lien on properties of the Trustee or the Securities Intermediary in its
individual capacity; the Trustee and the Securities Intermediary each has no
actual knowledge and has not received actual notice of any lien on the
Underlying Securities (other than any liens of the Trustee in favor of the
beneficiaries of the Trust Agreement); other than the interests of the
Trustee, the Certificateholders and the Swap Counterparty, the books and
records of the Trustee and the Securities Intermediary each do not identify
any Person as having an interest in the Underlying Securities; and

     (c) The Trustee and the Securities Intermediary each makes no
representation as to (i) the validity, legality, sufficiency or enforceability
of any of the Underlying Securities or (ii) the collectability, insurability,
effectiveness or suitability of any of the Underlying Securities.

                                      16
<PAGE>

     Section 34. Additional Trustor Representations. The Trustor hereby
represents and warrants to the Trustee as follows:

     (a) Immediately prior to the sale of the Underlying Securities to the
Trustee, the Trustor, as Depositor, owned and had good and marketable title to
the Underlying Securities free and clear of any lien, claim or encumbrance of
any Person;

     (b) The Trustor, as Depositor, has received all consents and approvals
required by the terms of the Underlying Securities to the sale to the Trustee
of its interest and rights in the Underlying Securities as contemplated by the
Agreement; and

     (c) The Trustor has not assigned, pledged, sold, granted a security
interest in or otherwise conveyed any interest in the Underlying Securities
(or, if any such interest has been assigned, pledged or otherwise encumbered,
it has been released), except such interests sold pursuant to the Agreement.
The Trustor has not authorized the filing of and is not aware of any financing
statements against the Trustor that includes a description of the Underlying
Securities, other than any such filings pursuant to the Agreement. The Trustor
is not aware of any judgment or tax lien filings against Trustor.

     Section 35. Certification Requirements. The Trustee agrees to
obtain, at the Trustor's direction and expense, a report of an independent
public accountant sufficient for the Trustor on behalf of the Trust to satisfy
its obligations with respect to certification requirements under Rules 13a-14
and 15d-14 of the Exchange Act.

     Section 36. Additional Rights of the Swap Counterparty. Section 10.8
of the Base Trust Agreement is hereby modified for purposes of this Series
Supplement to provide that the security interest referred to and created
pursuant thereto in the Trust assets shall, in addition to the obligations
provided for under Section 10.8(b)(3), secure all of the obligations of the
Trustor and the Trust to the Swap Counterparty under the Swap Agreement and
this Agreement. The Swap Counterparty shall have the rights of a third party
beneficiary with respect to this Agreement.

     Section 37. Modification of Certain Provisions of Base Trust
Agreement. The provisions of the Base Trust Agreement shall be modified as
they are applied with respect to this Series of Certificates to provide that
(i) notwithstanding Section 3.9 of the Base Trust Agreement, the Certificate
Account shall be held for the benefit of Certificateholders and the Swap
Counterparty and amounts in the Certificate Account shall be used to make
distributions to the Swap Counterparty as and when required under this Series
Supplement, (ii) the appointment of any successor of the Trustee under Section
8.7 of the Base Trust Agreement shall be subject to the prior approval of the
Swap Counterparty and (iii) notwithstanding Section 9.1(a) of the Base Trust
Agreement and subject to the proviso therein, the respective obligations and
responsibilities under this Agreement of the Trustor and the Trustee shall
terminate upon the distribution to Certificateholders and the Swap
Counterparty of all amounts held in all the Accounts and required to be paid
to such Holders or the Swap Counterparty pursuant to this Agreement and the
Swap Agreement on the Distribution Date coinciding with or following the final
payment on or other liquidation of the Underlying Securities and the
disposition of all

                                      17
<PAGE>

amounts acquired therefrom in accordance with this Agreement and the Swap
Agreement and the disposition of the final payments received under the Swap
Agreement.

     Section 38. Evidence of Integration for Tax Purposes. The Trustee
retains Exhibit E on behalf of each Certificateholder.

     Section 39. Optional Exchange.

     (a) On any Business Day occurring on or after December 15, 2005, subject
to satisfaction of all of the conditions set forth in clause (b), the
Depositor may exchange Certificates held by it for a distribution of
Underlying Securities representing the same percentage of the Underlying
Securities as such Certificates represent of all outstanding Certificates.

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

          (A) A notice specifying the number of Certificates being surrendered
     and the optional exchange date shall be delivered to the Trustee no less
     than 5 days (or such shorter period acceptable to the Trustee) but not
     more than 30 days before the optional exchange date.

          (B) Certificates shall be surrendered to the trustee no later than
     10:00 a.m. (New York City time) on the optional exchange date.

          (C) The Trustee shall have received an opinion of counsel stating
     that the Optional Exchange would not cause the Trust to be classified as
     a corporation or publicly traded partnership taxable as a corporation for
     federal income tax purposes.

          (D) The Trustee shall not be obligated to determine whether an
     Optional Exchange complies with the applicable provisions for exemption
     under Rule 3a-7 of the Investment Company Act of 1940, as amended, or the
     rules or regulations promulgated thereunder.

          (E) The provisions of Section 4.5 of the Base Trust Agreement shall
     not apply to an Optional Exchange pursuant to this Section 39. This
     Section 39 shall not provide any Person with a lien against, an interest
     in or a right to specific performance with respect to the Underlying
     Securities; provided that satisfaction of the conditions set forth in
     this Section 39 shall entitle the Depositor to a distribution thereof.

          (F) The aggregate principal balance of Certificates exchanged in
     connection with any Optional Exchange pursuant to this Section 39 shall
     be in an amount that results in a distribution of Underlying Securities
     in an even multiple of the minimum denomination of the Underlying
     Securities.

          (G) No Swap Agreement Termination Event shall have occurred as a
     result of the Optional Exchange except to the extent of a termination
     resulting from the reduction in the Hedge Notional Amount (as defined in
     the Swap Agreement) to an amount equal to

                                      18
<PAGE>

     the principal amount of the Underlying Securities after giving effect to
     the Optional Exchange.

          (H) Any payments due under the Swap Agreement as a result of the
     reduction in such Hedge Notional Amount and any such Swap Agreement
     Termination Event (x) that are due to the Swap Counterparty (including
     but not limited to Unpaid Amounts) shall have been paid to the Swap
     Counterparty by the Depositor and (y) that are payable by the Swap
     Counterparty, shall be payable for the account of the Depositor.

                                      19
<PAGE>

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

                                     SYNTHETIC FIXED-INCOME SECURITIES, INC.

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

                                     U.S. BANK TRUST NATIONAL ASSOCIATION, as
                                     Trustee and Securities Intermediary

                                     By:
                                     ----------------------------------------
                                                Responsible Officer

<PAGE>

                                                                     EXHIBIT A

        IDENTIFICATION OF THE UNDERLYING SECURITIES AS OF CLOSING DATE

Underlying Securities Issuer:             Wal-Mart Stores, Inc.

Underlying Securities:                    $25,000,000 7.55% Notes due 2030.

Maturity Date/Final Distribution Date:    February 15, 2030.

Original Principal Amount Issued:         $2,750,000,000

CUSIP No.:                                931142BF9

Stated Interest Rate:                     7.55% per annum.

Interest Payment Dates:                   February 15 and August 15

Principal Amount of Underlying            $25,000,000.
Securities Deposited Under
Trust Agreement:

The Underlying Securities will be held by the Trustee as securities
entitlements credited to an account of the Trustee or its agent at the
Depositary.

                                     A-1

<PAGE>

                                                                     EXHIBIT B

                 TERMS OF THE CERTIFICATES AS OF CLOSING DATE

Maximum Number of STRATSSM                1,000,000
Certificates, Series 2005-4:

Aggregate Stated Amount of STRATSSM       $25,000,000
Certificates, Series 2005-4:

Authorized Denomination:                  $25 and integral multiples thereof.

Rating Agency:                            S&P.

Closing Date:                             October 17, 2005.

Record Date:                              With respect to any Distribution
                                          Date, the day immediately
                                          preceding such Distribution Date.

Trustee's Fees:                           The Trustee's fees shall be payable
                                          by the Trustor pursuant to a
                                          separate fee agreement between the
                                          Trustee and the Trustor.

Initial Certificate Registrar:            U.S. Bank Trust National Association

Corporate Trust Office:                   U.S. Bank Trust National Association
                                          100 Wall Street, Suite 1600 New York,
                                          New York 10005 Attention: Corporate
                                          Trust Department, Regarding STRATSSM
                                          Trust For Wal-Mart Stores, Inc.
                                          Securities, Series 2005-4

                                      B-1

<PAGE>

                                                                     EXHIBIT C

                              FORM OF CERTIFICATE

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

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

CERTIFICATE NUMBER:  1                   $25,000,000 Certificate Stated Amount
CUSIP:  86312E200                                       1,000,000 Certificates
CERTIFICATE INTEREST RATE:                              Variable Floating Rate

                     STRATSSM CERTIFICATES, SERIES 2005-4

evidencing an undivided interest in the Trust, as defined below, the assets of
which include $25,000,000 of 7.55% Notes due February 15, 2030 issued by the
Underlying Securities Issuer.

This Certificate does not represent an interest in or obligation of the
Trustor or any of its affiliates.

     THIS CERTIFIES THAT Cede & Co. is the registered owner of a
nonassessable, fully-paid, fractional undivided interest in STRATSSM Trust For
Wal-Mart Stores, Inc. Securities, Series 2005-4 (the "Trust") formed by
SYNTHETIC FIXED-INCOME SECURITIES, INC., as Trustor (the "Trustor") evidenced
by Certificates in the number and the Stated Amount set forth above.

     The Trust was created pursuant to a Base Trust Agreement, dated as of
September 26, 2003 (as amended and supplemented, the "Agreement"), between the
Trustor and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the STRATSSM Certificates Series

                                     C-1
<PAGE>

Supplement 2005-4, dated as of October 17, 2005 (the "Series Supplement" and,
together with the Agreement, the "Trust Agreement"), between the Trustor and
the Trustee. This Certificate does not purport to summarize the Trust
Agreement and reference is hereby made to the Trust Agreement for information
with respect to the interests, rights, benefits, obligations, proceeds and
duties evidenced hereby and the rights, duties and obligations of the Trustee
with respect hereto. A copy of the Trust Agreement may be obtained from the
Trustee by written request sent to the Corporate Trust Office. Capitalized
terms used but not defined herein have the meanings assigned to them in the
Trust Agreement.

     This Certificate is one of the duly authorized Certificates designated as
"STRATSSM Certificates, Series 2005-4 (herein called the "Certificate" or
"Certificates"). This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound. The assets of the Trust include the Underlying
Securities, all proceeds of the Underlying Securities and the Trust's rights
under the Swap Agreement.

     Under the Trust Agreement, there shall be distributed on the dates
specified in the Trust Agreement (a "Distribution Date"), to the person in
whose name this Certificate is registered at the close of business on the
related Record Date, such Certificateholder's fractional undivided interest in
the amount of distributions of the Underlying Securities to be distributed to
Certificateholders on such Distribution Date and distributions to the Trust
under the Swap Agreement. The Underlying Securities will pay interest on
February 15 and August 15 of each year. The principal of the Underlying
Securities is scheduled to be paid on February 15, 2030. The Swap Agreement
provides for payments on the 15th calendar day of each month, commencing on
November 15, 2005.

     The distributions in respect of this Certificate are payable in such coin
or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts as set forth in the Series
Trust Agreement.

     The Underlying Securities held by the Trust are subject to the rights of
the Swap Counterparty, as provided for in the Series Supplement and the Swap
Agreement, and each Certificateholder, by accepting its Certificate,
acknowledges such rights in accordance with the terms of the Series Supplement
and the Swap Agreement.

     It is the intent of the Trustor and the Certificateholders that the Trust
will be classified as a grantor trust under subpart E, Part I of subchapter J
of the Internal Revenue Code of 1986, as amended. Except as otherwise required
by appropriate taxing authorities, the Trustor and the Trustee, by executing
the Trust Agreement, and each Certificateholder, by acceptance of a
Certificate, agrees to treat, and to take no action inconsistent with the
treatment of, the Certificates for such tax purposes as interests in a grantor
trust and the provisions of the Trust Agreement shall be interpreted to
further this intention of the parties.

     By acceptance of a Certificate, each Certificateholder (1) elects to
integrate the Underlying Securities and the Swap Agreement for United States
federal income tax purposes, (2) authorizes and directs the trustee (or the
trustee's agent) to retain, as part of the Certificateholder's books and
records, information that (a) describes the Underlying Securities

                                     C-2
<PAGE>

and the Swap Agreement, (b) identifies the two positions as integrated for
federal income tax purposes and (c) describes the features of the resulting
"synthetic" debt instrument and (3) agrees to retain copies of such
information as provided to the Certificateholder by the Trust.

     Each Certificateholder, by its acceptance of a Certificate, covenants and
agrees that such Certificateholder shall not, prior to the date which is one
year and one day after the termination of the Trust Agreement, acquiesce,
petition or otherwise invoke or cause the Trustor to invoke the process of any
court or governmental authority for the purpose of commencing or sustaining a
case against the Trustor under any federal or state bankruptcy, insolvency,
reorganization or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Trustor or
any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Trustor.

     Certificates may not be acquired by or for the account of any employee
benefit plan, trust or account, including an individual retirement account,
that is subject to the requirements of Title I of the Employee Retirement
Income Security Act of 1974, as amended, or that is described in Section
4975(e)(1) of the Code, or by or for the account of any entity whose
underlying assets include any assets subject to these laws by reason of
investment in that entity by such plans, trusts or accounts. By accepting and
holding this Certificate, the holder of this Certificate will be deemed to
have represented and warranted that it is not a plan or entity described
above, and that its acquisition and holding of this Certificate are in
compliance with the foregoing restrictions.

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

     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 Holder hereof to any benefit under the Trust Agreement
or be valid for any purpose.

     A copy of the Trust Agreement is available upon request and all of its
terms and conditions are hereby incorporated by reference and made a part
hereof.

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

                                     C-3
<PAGE>

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

                                STRATSSM TRUST FOR WAL-MART STORES, INC.
                                SECURITIES, SERIES 2005-4

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

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

Dated:  October 17, 2005

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the STRATSSM Certificates, Series 2005-4, described in the
Trust Agreement referred to herein.

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

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

                                     C-4
<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

______________________________________________________________________________

(Please print or type name and address, including postal zip code, of
assignee) __________________________ the within Certificate, and all rights
thereunder, hereby irrevocably constituting and appointing __________________
Attorney to transfer said Certificate on the books of the Certificate
Register, with full power of substitution in the premises.

Dated:

                                                _____________________________*

*NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Signatures must be guaranteed
by an "eligible guarantor institution" meeting the requirements of the
Certificate Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Certificate
Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

                                     C-5
<PAGE>

                                                                     EXHIBIT D-1

(Multicurrency -- Cross Border)

                                    ISDA(R)
                 International Swap Dealers Association, Inc.

                               MASTER AGREEMENT

                         dated as of October 17, 2005

     Wachovia Bank, National Association     and    STRATS(SM) Trust for
                                                    Wal-Mart Stores, Inc.
                                                    Securities, Series 2005-4

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming
those Transactions.

Accordingly, the parties agree as follows: --

1.        Interpretation

(a)       Definitions. The terms defined in Section 14 and in the Schedule
will have the meanings therein specified for the purpose of this Master
Agreement.

(b)       Inconsistency. In the event of any inconsistency between the
provisions of the Schedule and the other provisions of this Master Agreement,
the Schedule will prevail. In the event of any inconsistency between the
provisions of any Confirmation and this Master Agreement (including the
Schedule), such Confirmation will prevail for the purpose of the relevant
Transaction.

(c)       Single Agreement. All Transactions are entered into in reliance on
the fact that this Master Agreement and all Confirmations form a single
agreement between the parties (collectively referred to as this "Agreement"),
and the parties would not otherwise enter into any Transactions.

2.        Obligations

(a)       General Conditions.

          (i) Each party will make each payment or delivery specified in each
          Confirmation to be made by it, subject to the other provisions of
          this Agreement.

          (ii) Payments under this Agreement will be made on the due date for
          value on that date in the place of the account specified in the
          relevant Confirmation or otherwise pursuant to this Agreement, in
          freely transferable funds and in the manner customary for payments
          in the required currency. Where settlement is by delivery (that is,
          other than by payment), such delivery will be made for receipt on
          the due date in the manner customary for the relevant obligation
          unless otherwise specified in the relevant Confirmation or elsewhere
          in this Agreement.

          (iii) Each obligation of each party under Section 2(a)(i) is subject
          to (1) the condition precedent that no Event of Default or Potential
          Event of Default with respect to the other party has occurred and is
          continuing, (2) the condition precedent that no Early Termination
          Date in respect of the relevant Transaction has occurred or been
          effectively designated and (3) each other applicable condition
          precedent specified in this Agreement.

      Copyright (C) 1992 by International Swap Dealers Association, Inc.

                                    D-1-1
<PAGE>

(b)       Change of Account. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a
reasonable objection to such change.

(c)       Netting. If on any date amounts would otherwise be payable: --

          (i) in the same currency; and

          (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to
make payment of any such amount will be automatically satisfied and discharged
and, if the aggregate amount that would otherwise have been payable by one
party exceeds the aggregate amount that would otherwise have been payable by
the other party, replaced by an obligation upon the party by whom the larger
aggregate amount would have been payable to pay to the other party the excess
of the larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be
made in the Schedule or a Confirmation by specifying that subparagraph (ii)
above will not apply to the Transactions identified as being subject to the
election, together with the starting date (in which case subparagraph (ii)
above will not, or will cease to, apply to such Transactions from such date).
This election may be made separately for different groups of Transactions and
will apply separately to each pairing of Offices through which the parties
make and receive payments or deliveries.

(d)       Deduction or Withholding for Tax.

          (i) Gross-Up. All payments under this Agreement will be made without
          any deduction or withholding for or on account of any Tax unless
          such deduction or withholding is required by any applicable law, as
          modified by the practice of any relevant governmental revenue
          authority, then in effect. If a party is so required to deduct or
          withhold, then that party ("X") will: --

               (1) promptly notify the other party ("Y") of such requirement;

               (2) pay to the relevant authorities the full amount required to
               be deducted or withheld (including the full amount required to
               be deducted or withheld from any additional amount paid by X to
               Y under this Section 2(d)) promptly upon the earlier of
               determining that such deduction or withholding is required or
               receiving notice that such amount has been assessed against Y;

               (3) promptly forward to Y an official receipt (or a certified
               copy), or other documentation reasonably acceptable to Y,
               evidencing such payment to such authorities; and

               (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition
               to the payment to which Y is otherwise entitled under this
               Agreement, such additional amount as is necessary to ensure
               that the net amount actually received by Y (free and clear of
               Indemnifiable Taxes, whether assessed against X or Y) will
               equal the full amount Y would have received had no such
               deduction or withholding been required. However, X will not be
               required to pay any additional amount to Y to the extent that
               it would not be required to be paid but for: --

                    (A) the failure by Y to comply with or perform any
                    agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d);
                    or

                    (B) the failure of a representation made by Y pursuant to
                    Section 3(f) to be accurate and true unless such failure
                    would not have occurred but for (I) any action taken by a
                    taxing authority, or brought in a court of competent
                    jurisdiction, on or after the date on which a Transaction
                    is entered into (regardless of whether such action is
                    taken or brought with respect to a party to this
                    Agreement) or (II) a Change in Tax Law.

                                    D-1-2
<PAGE>

(ii)      Liability. If: --

          (1) X is required by any applicable law, as modified by the practice
          of any relevant governmental revenue authority, to make any
          deduction or withholding in respect of which X would not be required
          to pay an additional amount to Y under Section 2(d)(i)(4);

          (2) X does not so deduct or withhold; and

          (3) a liability resulting from such Tax is assessed directly against
          X,

     then, except to the extent Y has satisfied or then satisfies the
     liability resulting from such Tax, Y will promptly pay to X the amount of
     such liability (including any related liability for interest, but
     including any related liability for penalties only if Y has failed to
     comply with or perform any agreement contained in Section 4(a)(i),
     4(a)(iii) or 4(d)).

(e)       Default Interest; Other Amounts. Prior to the occurrence or
effective designation of an Early Termination Date in respect of the relevant
Transaction, a party that defaults in the performance of any payment
obligation will, to the extent permitted by law and subject to Section 6(c),
be required to pay interest (before as well as after judgment) on the overdue
amount to the other party on demand in the same currency as such overdue
amount, for the period from (and including) the original due date for payment
to (but excluding) the date of actual payment, at the Default Rate. Such
interest will be calculated on the basis of daily compounding and the actual
number of days elapsed. If, prior to the occurrence or effective designation
of an Early Termination Date in respect of the relevant Transaction, a party
defaults in the performance of any obligation required to be settled by
delivery, it will compensate the other party on demand if and to the extent
provided for in the relevant Confirmation or elsewhere in this Agreement.

3.        Representations

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered
into and, in the case of the representations in Section 3(f), at all times
until the termination of this Agreement) that: --

(a)       Basic Representations.

          (i) Status. It is duly organised and validly existing under the laws
          of the jurisdiction of its organisation or incorporation and, if
          relevant under such laws, in good standing;

          (ii) Powers. It has the power to execute this Agreement and any
          other documentation relating to this Agreement to which it is a
          party, to deliver this Agreement and any other documentation
          relating to this Agreement that it is required by this Agreement to
          deliver and to perform its obligations under this Agreement and any
          obligations it has under any Credit Support Document to which it is
          a party and has taken all necessary action to authorise such
          execution, delivery and performance;

          (iii) No Violation or Conflict. Such execution, delivery and
          performance do not violate or conflict with any law applicable to
          it, any provision of its constitutional documents, any order or
          judgment of any court or other agency of government applicable to it
          or any of its assets or any contractual restriction binding on or
          affecting it or any of its assets;

          (iv) Consents. All governmental and other consents that are required
          to have been obtained by it with respect to this Agreement or any
          Credit Support Document to which it is a party have been obtained
          and are in full force and effect and all conditions of any such
          consents have been complied with; and

          (v) Obligations Binding. Its obligations under this Agreement and
          any Credit Support Document to which it is a party constitute its
          legal, valid and binding obligations, enforceable in accordance with
          their respective terms (subject to applicable bankruptcy,
          reorganisation, insolvency, moratorium or similar laws affecting
          creditors' rights generally and subject, as to enforceability, to
          equitable principles of general application (regardless of whether
          enforcement is sought in a proceeding in equity or at law)).

                                    D-1-3
<PAGE>

(b)       Absence of Certain Events. No Event of Default or Potential Event
of Default or, to its knowledge, Termination Event with respect to it has
occurred and is continuing and no such event or circumstance would occur as a
result of its entering into or performing its obligations under this Agreement
or any Credit Support Document to which it is a party.

(c)       Absence of Litigation. There is not pending or, to its knowledge,
threatened against it or any of its Affiliates any action, suit or proceeding
at law or in equity or before any court, tribunal, governmental body, agency
or official or any arbitrator that is likely to affect the legality, validity
or enforceability against it of this Agreement or any Credit Support Document
to which it is a party or its ability to perform its obligations under this
Agreement or such Credit Support Document.

(d)       Accuracy of Specified Information. All applicable information that
is furnished in writing by or on behalf of it to the other party and is
identified for the purpose of this Section 3(d) in the Schedule is, as of the
date of the information, true, accurate and complete in every material
respect.

(e)       Payer Tax Representation. Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(e) is accurate
and true.

(f)       Payee Tax Representations. Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(f) is accurate
and true.

4.        Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party: --

(a)       Furnish Specified Information. It will deliver to the other party or,
in certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs: --

          (i) any forms, documents or certificates relating to taxation
          specified in the Schedule or any Confirmation;

          (ii) any other documents specified in the Schedule or any
          Confirmation; and

          (iii) upon reasonable demand by such other party, any form or
          document that may be required or reasonably requested in writing in
          order to allow such other party or its Credit Support Provider to
          make a payment under this Agreement or any applicable Credit Support
          Document without any deduction or withholding for or on account of
          any Tax or with such deduction or withholding at a reduced rate (so
          long as the completion, execution or submission of such form or
          document would not materially prejudice the legal or commercial
          position of the party in receipt of such demand), with any such form
          or document to be accurate and completed in a manner reasonably
          satisfactory to such other party and to be executed and to be
          delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b)       Maintain Authorisations. It will use all reasonable efforts to
maintain in full force and effect all consents of any governmental or other
authority that are required to be obtained by it with respect to this
Agreement or any Credit Support Document to which it is a party and will use
all reasonable efforts to obtain any that may become necessary in the future.

(c)       Comply with Laws. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d)       Tax Agreement. It will give notice of any failure of a representation
made by it under Section 3(f) to be accurate and true promptly upon learning
of such failure.

(e)       Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp
Tax levied or imposed upon it or in respect of its execution or performance of
this Agreement by a jurisdiction in which it is incorporated,

                                    D-1-4
<PAGE>

organised, managed and controlled, or considered to have its seat, or in which
a branch or office through which it is acting for the purpose of this
Agreement is located ("Stamp Tax Jurisdiction") and will indemnify the other
party against any Stamp Tax levied or imposed upon the other party or in
respect of the other party's execution or performance of this Agreement by any
such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with
respect to the other party.

5.        Events of Default and Termination Events

(a)       Events of Default. The occurrence at any time with respect to a
party or, if applicable, any Credit Support Provider of such party or any
Specified Entity of such party of any of the following events constitutes an
event of default (an "Event of Default") with respect to such party: --

          (i) Failure to Pay or Deliver. Failure by the party to make, when
          due, any payment under this Agreement or delivery under Section
          2(a)(i) or 2(e) required to be made by it if such failure is not
          remedied on or before the third Local Business Day after notice of
          such failure is given to the party;

          (ii) Breach of Agreement. Failure by the party to comply with or
          perform any agreement or obligation (other than an obligation to
          make any payment under this Agreement or delivery under Section
          2(a)(i) or 2(e) or to give notice of a Termination Event or any
          agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to
          be complied with or performed by the party in accordance with this
          Agreement if such failure is not remedied on or before the thirtieth
          day after notice of such failure is given to the party;

          (iii) Credit Support Default.

               (1) Failure by the party or any Credit Support Provider of such
               party to comply with or perform any agreement or obligation to
               be complied with or performed by it in accordance with any
               Credit Support Document if such failure is continuing after any
               applicable grace period has elapsed;

               (2) the expiration or termination of such Credit Support
               Document or the failing or ceasing of such Credit Support
               Document to be in full force and effect for the purpose of this
               Agreement (in either case other than in accordance with its
               terms) prior to the satisfaction of all obligations of such
               party under each Transaction to which such Credit Support
               Document relates without the written consent of the other
               party; or

               (3) the party or such Credit Support Provider disaffirms,
               disclaims, repudiates or rejects, in whole or in part, or
               challenges the validity of, such Credit Support Document;

          (iv) Misrepresentation. A representation (other than a
          representation under Section 3(e) or (f)) made or repeated or deemed
          to have been made or repeated by the party or any Credit Support
          Provider of such party in this Agreement or any Credit Support
          Document proves to have been incorrect or misleading in any material
          respect when made or repeated or deemed to have been made or
          repeated;

          (v) Default under Specified Transaction. The party, any Credit
          Support Provider of such party or any applicable Specified Entity of
          such party (1) defaults under a Specified Transaction and, after
          giving effect to any applicable notice requirement or grace period,
          there occurs a liquidation of, an acceleration of obligations under,
          or an early termination of, that Specified Transaction, (2)
          defaults, after giving effect to any applicable notice requirement
          or grace period, in making any payment or delivery due on the last
          payment, delivery or exchange date of, or any payment on early
          termination of, a Specified Transaction (or such default continues
          for at least three Local Business Days if there is no applicable
          notice requirement or grace period) or (3) disaffirms, disclaims,
          repudiates or rejects, in whole or in part, a Specified Transaction
          (or such action is taken by any person or entity appointed or
          empowered to operate it or act on its behalf);

          (vi) Cross Default. If "Cross Default" is specified in the Schedule
          as applying to the party, the occurrence or existence of (1) a
          default, event of default or other similar condition or event
          (however

                                    D-1-5
<PAGE>

         described) in respect of such party, any Credit Support Provider of
         such party or any applicable Specified Entity of such party under one
         or more agreements or instruments relating to Specified Indebtedness
         of any of them (individually or collectively) in an aggregate amount
         of not less than the applicable Threshold Amount (as specified in the
         Schedule) which has resulted in such Specified Indebtedness becoming,
         or becoming capable at such time of being declared, due and payable
         under such agreements or instruments, before it would otherwise have
         been due and payable or (2) a default by such party, such Credit
         Support Provider or such Specified Entity (individually or
         collectively) in making one or more payments on the due date thereof
         in an aggregate amount of not less than the applicable Threshold
         Amount under such agreements or instruments (after giving effect to
         any applicable notice requirement or grace period);

          (vii) Bankruptcy. The party, any Credit Support Provider of such
          party or any applicable Specified Entity of such party: --

               (1) is dissolved (other than pursuant to a consolidation,
               amalgamation or merger); (2) becomes insolvent or is unable
               to pay its debts or fails or admits in writing its inability
               generally to pay its debts as they become due; (3) makes a
               general assignment, arrangement or composition with or for
               the benefit of its creditors; (4) institutes or has
               instituted against it a proceeding seeking a judgment of
               insolvency or bankruptcy or any other relief under any
               bankruptcy or insolvency law or other similar law affecting
               creditors' rights, or a petition is presented for its
               winding-up or liquidation, and, in the case of any such
               proceeding or petition instituted or presented against it,
               such proceeding or petition (A) results in a judgment of
               insolvency or bankruptcy or the entry of an order for relief
               or the making of an order for its winding-up or liquidation
               or (B) is not dismissed, discharged, stayed or restrained in
               each case within 30 days of the institution or presentation
               thereof; (5) has a resolution passed for its winding-up,
               official management or liquidation (other than pursuant to a
               consolidation, amalgamation or merger); (6) seeks or becomes
               subject to the appointment of an administrator, provisional
               liquidator, conservator, receiver, trustee, custodian or
               other similar official for it or for all or substantially
               all its assets; (7) has a secured party take possession of
               all or substantially all its assets or has a distress,
               execution, attachment, sequestration or other legal process
               levied, enforced or sued on or against all or substantially
               all its assets and such secured party maintains possession,
               or any such process is not dismissed, discharged, stayed or
               restrained, in each case within 30 days thereafter; (8)
               causes or is subject to any event with respect to it which,
               under the applicable laws of any jurisdiction, has an
               analogous effect to any of the events specified in clauses
               (1) to (7) (inclusive); or (9) takes any action in
               furtherance of, or indicating its consent to, approval of,
               or acquiescence in, any of the foregoing acts; or

          (viii) Merger Without Assumption. The party or any Credit Support
          Provider of such party consolidates or amalgamates with, or merges
          with or into, or transfers all or substantially all its assets to,
          another entity and, at the time of such consolidation, amalgamation,
          merger or transfer: --

               (1) the resulting, surviving or transferee entity fails to
               assume all the obligations of such party or such Credit Support
               Provider under this Agreement or any Credit Support Document to
               which it or its predecessor was a party by operation of law or
               pursuant to an agreement reasonably satisfactory to the other
               party to this Agreement; or

               (2) the benefits of any Credit Support Document fail to extend
               (without the consent of the other party) to the performance by
               such resulting, surviving or transferee entity of its
               obligations under this Agreement.

(b)       Termination Events. The occurrence at any time with respect to a
party or, if applicable, any Credit Support Provider of such party or any
Specified Entity of such party of any event specified below constitutes an
Illegality if the event is specified in (i) below, a Tax Event if the event is
specified in (ii) below or a Tax Event Upon Merger if the event is specified
in (iii) below, and, if specified to be applicable, a Credit Event

                                    D-1-6
<PAGE>

Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below: --

          (i) Illegality. Due to the adoption of, or any change in, any
          applicable law after the date on which a Transaction is entered
          into, or due to the promulgation of, or any change in, the
          interpretation by any court, tribunal or regulatory authority with
          competent jurisdiction of any applicable law after such date, it
          becomes unlawful (other than as a result of a breach by the party of
          Section 4(b)) for such party (which will be the Affected Party): --

               (1) to perform any absolute or contingent obligation to make a
               payment or delivery or to receive a payment or delivery in
               respect of such Transaction or to comply with any other
               material provision of this Agreement relating to such
               Transaction; or

               (2) to perform, or for any Credit Support Provider of such
               party to perform, any contingent or other obligation which the
               party (or such Credit Support Provider) has under any Credit
               Support Document relating to such Transaction;

          (ii) Tax Event. Due to (x) any action taken by a taxing authority,
          or brought in a court of competent jurisdiction, on or after the
          date on which a Transaction is entered into (regardless of whether
          such action is taken or brought with respect to a party to this
          Agreement) or (y) a Change in Tax Law, the party (which will be the
          Affected Party) will, or there is a substantial likelihood that it
          will, on the next succeeding Scheduled Payment Date (1) be required
          to pay to the other party an additional amount in respect of an
          Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of
          interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
          payment from which an amount is required to be deducted or withheld
          for or on account of a Tax (except in respect of interest under
          Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required
          to be paid in respect of such Tax under Section 2(d)(i)(4) (other
          than by reason of Section 2(d)(i)(4)(A) or (B));

          (iii) Tax Event Upon Merger. The party (the "Burdened Party") on the
          next succeeding Scheduled Payment Date will either (1) be required
          to pay an additional amount in respect of an Indemnifiable Tax under
          Section 2(d)(i)(4) (except in respect of interest under Section
          2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an
          amount has been deducted or withheld for or on account of any
          Indemnifiable Tax in respect of which the other party is not
          required to pay an additional amount (other than by reason of
          Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party
          consolidating or amalgamating with, or merging with or into, or
          transferring all or substantially all its assets to, another entity
          (which will be the Affected Party) where such action does not
          constitute an event described in Section 5(a)(viii);

          (iv) Credit Event Upon Merger. If "Credit Event Upon Merger" is
          specified in the Schedule as applying to the party, such party
          ("X"), any Credit Support Provider of X or any applicable Specified
          Entity of X consolidates or amalgamates with, or merges with or
          into, or transfers all or substantially all its assets to, another
          entity and such action does not constitute an event described in
          Section 5(a)(viii) but the creditworthiness of the resulting,
          surviving or transferee entity is materially weaker than that of X,
          such Credit Support Provider or such Specified Entity, as the case
          may be, immediately prior to such action (and, in such event, X or
          its successor or transferee, as appropriate, will be the Affected
          Party); or

          (v) Additional Termination Event. If any "Additional Termination
          Event" is specified in the Schedule or any Confirmation as applying,
          the occurrence of such event (and, in such event, the Affected Party
          or Affected Parties shall be as specified for such Additional
          Termination Event in the Schedule or such Confirmation).

(c)       Event of Default and Illegality. If an event or circumstance which
would otherwise constitute or give rise to an Event of Default also
constitutes an Illegality, it will be treated as an Illegality and will not
constitute an Event of Default.

                                    D-1-7
<PAGE>

6.        Early Termination

(a)       Right to Terminate Following Event of Default. If at any time an
Event of Default with respect to a party (the "Defaulting Party") has occurred
and is then continuing, the other party (the "Non-defaulting Party") may, by
not more than 20 days notice to the Defaulting Party specifying the relevant
Event of Default, designate a day not earlier than the day such notice is
effective as an Early Termination Date in respect of all outstanding
Transactions. If, however, "Automatic Early Termination" is specified in the
Schedule as applying to a party, then an Early Termination Date in respect of
all outstanding Transactions will occur immediately upon the occurrence with
respect to such party of an Event of Default specified in Section
5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as
of the time immediately preceding the institution of the relevant proceeding
or the presentation of the relevant petition upon the occurrence with respect
to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to
the extent analogous thereto, (8).

(b)       Right to Terminate Following Termination Event.

          (i) Notice. If a Termination Event occurs, an Affected Party will,
          promptly upon becoming aware of it, notify the other party,
          specifying the nature of that Termination Event and each Affected
          Transaction and will also give such other information about that
          Termination Event as the other party may reasonably require.

          (ii) Transfer to Avoid Termination Event. If either an Illegality
          under Section 5(b)(i)(1) or a Tax Event occurs and there is only one
          Affected Party, or if a Tax Event Upon Merger occurs and the
          Burdened Party is the Affected Party, the Affected Party will, as a
          condition to its right to designate an Early Termination Date under
          Section 6(b)(iv), use all reasonable efforts (which will not require
          such party to incur a loss, excluding immaterial, incidental
          expenses) to transfer within 20 days after it gives notice under
          Section 6(b)(i) all its rights and obligations under this Agreement
          in respect of the Affected Transactions to another of its Offices or
          Affiliates so that such Termination Event ceases to exist.

          If the Affected Party is not able to make such a transfer it will
          give notice to the other party to that effect within such 20 day
          period, whereupon the other party may effect such a transfer within
          30 days after the notice is given under Section 6(b)(i).

          Any such transfer by a party under this Section 6(b)(ii) will be
          subject to and conditional upon the prior written consent of the
          other party, which consent will not be withheld if such other
          party's policies in effect at such time would permit it to enter
          into transactions with the transferee on the terms proposed.

          (iii) Two Affected Parties. If an Illegality under Section
          5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties,
          each party will use all reasonable efforts to reach agreement within
          30 days after notice thereof is given under Section 6(b)(i) on
          action to avoid that Termination Event.

          (iv) Right to Terminate. If: --

               (1) a transfer under Section 6(b)(ii) or an agreement under
               Section 6(b)(iii), as the case may be, has not been effected
               with respect to all Affected Transactions within 30 days after
               an Affected Party gives notice under Section 6(b)(i); or

               (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon
               Merger or an Additional Termination Event occurs, or a Tax
               Event Upon Merger occurs and the Burdened Party is not the
               Affected Party,

          either party in the case of an Illegality, the Burdened Party in the
          case of a Tax Event Upon Merger, any Affected Party in the case of a
          Tax Event or an Additional Termination Event if there is more than
          one Affected Party, or the party which is not the Affected Party in
          the case of a Credit Event Upon Merger or an Additional Termination
          Event if there is only one Affected Party may, by not more than 20
          days notice to the other party and provided that the relevant
          Termination Event is then

                                    D-1-8
<PAGE>

          continuing, designate a day not earlier than the day such notice is
          effective as an Early Termination Date in respect of all Affected
          Transactions.

(c)       Effect of Designation.

          (i) If notice designating an Early Termination Date is given under
          Section 6(a) or (b), the Early Termination Date will occur on the
          date so designated, whether or not the relevant Event of Default or
          Termination Event is then continuing.

          (ii) Upon the occurrence or effective designation of an Early
          Termination Date, no further payments or deliveries under Section
          2(a)(i) or 2(e) in respect of the Terminated Transactions will be
          required to be made, but without prejudice to the other provisions
          of this Agreement. The amount, if any, payable in respect of an
          Early Termination Date shall be determined pursuant to Section 6(e).

(d)       Calculations.

          (i) Statement. On or as soon as reasonably practicable following the
          occurrence of an Early Termination Date, each party will make the
          calculations on its part, if any, contemplated by Section 6(e) and
          will provide to the other party a statement (1) showing, in
          reasonable detail, such calculations (including all relevant
          quotations and specifying any amount payable under Section 6(e)) and
          (2) giving details of the relevant account to which any amount
          payable to it is to be paid. In the absence of written confirmation
          from the source of a quotation obtained in determining a Market
          Quotation, the records of the party obtaining such quotation will be
          conclusive evidence of the existence and accuracy of such quotation.

          (ii) Payment Date. An amount calculated as being due in respect of
          any Early Termination Date under Section 6(e) will be payable on the
          day that notice of the amount payable is effective (in the case of
          an Early Termination Date which is designated or occurs as a result
          of an Event of Default) and on the day which is two Local Business
          Days after the day on which notice of the amount payable is
          effective (in the case of an Early Termination Date which is
          designated as a result of a Termination Event). Such amount will be
          paid together with (to the extent permitted under applicable law)
          interest thereon (before as well as after judgment) in the
          Termination Currency, from (and including) the relevant Early
          Termination Date to (but excluding) the date such amount is paid, at
          the Applicable Rate. Such interest will be calculated on the basis
          of daily compounding and the actual number of days elapsed.

(e)       Payments on Early Termination. If an Early Termination Date occurs,
the following provisions shall apply based on the parties' election in the
Schedule of a payment measure, either "Market Quotation" or "Loss", and a
payment method, either the "First Method" or the "Second Method". If the
parties fail to designate a payment measure or payment method in the Schedule,
it will be deemed that "Market Quotation" or the "Second Method", as the case
may be, shall apply. The amount, if any, payable in respect of an Early
Termination Date and determined pursuant to this Section will be subject to
any Set-off.

          (i) Events of Default. If the Early Termination Date results from an
          Event of Default: --

               (1) First Method and Market Quotation. If the First Method and
               Market Quotation apply, the Defaulting Party will pay to the
               Non-defaulting Party the excess, if a positive number, of (A)
               the sum of the Settlement Amount (determined by the
               Non-defaulting Party) in respect of the Terminated Transactions
               and the Termination Currency Equivalent of the Unpaid Amounts
               owing to the Non-defaulting Party over (B) the Termination
               Currency Equivalent of the Unpaid Amounts owing to the
               Defaulting Party.

               (2) First Method and Loss. If the First Method and Loss apply,
               the Defaulting Party will pay to the Non-defaulting Party, if a
               positive number, the Non-defaulting Party's Loss in respect of
               this Agreement.

               (3) Second Method and Market Quotation. If the Second Method
               and Market Quotation apply, an amount will be payable equal to
               (A) the sum of the Settlement Amount (determined by the

                                    D-1-9
<PAGE>

               Non-defaulting Party) in respect of the Terminated Transactions
               and the Termination Currency Equivalent of the Unpaid Amounts
               owing to the Non-defaulting Party less (B) the Termination
               Currency Equivalent of the Unpaid Amounts owing to the
               Defaulting Party. If that amount is a positive number, the
               Defaulting Party will pay it to the Non-defaulting Party; if it
               is a negative number, the Non-defaulting Party will pay the
               absolute value of that amount to the Defaulting Party.

               (4) Second Method and Loss. If the Second Method and Loss
               apply, an amount will be payable equal to the Non-defaulting
               Party's Loss in respect of this Agreement. If that amount is a
               positive number, the Defaulting Party will pay it to the
               Non-defaulting Party; if it is a negative number, the
               Non-defaulting Party will pay the absolute value of that amount
               to the Defaulting Party.

          (ii) Termination Events. If the Early Termination Date results from
          a Termination Event: --

               (1) One Affected Party. If there is one Affected Party, the
               amount payable will be determined in accordance with Section
               6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4),
               if Loss applies, except that, in either case, references to the
               Defaulting Party and to the Non-defaulting Party will be deemed
               to be references to the Affected Party and the party which is
               not the Affected Party, respectively, and, if Loss applies and
               fewer than all the Transactions are being terminated, Loss
               shall be calculated in respect of all Terminated Transactions.

               (2) Two Affected Parties. If there are two Affected Parties: --

                    (A) if Market Quotation applies, each party will determine
                    a Settlement Amount in respect of the Terminated
                    Transactions, and an amount will be payable equal to (I)
                    the sum of (a) one-half of the difference between the
                    Settlement Amount of the party with the higher Settlement
                    Amount ("X") and the Settlement Amount of the party with
                    the lower Settlement Amount ("Y") and (b) the Termination
                    Currency Equivalent of the Unpaid Amounts owing to X less
                    (II) the Termination Currency Equivalent of the Unpaid
                    Amounts owing to Y; and

                    (B) if Loss applies, each party will determine its Loss in
                    respect of this Agreement (or, if fewer than all the
                    Transactions are being terminated, in respect of all
                    Terminated Transactions) and an amount will be payable
                    equal to one-half of the difference between the Loss of
                    the party with the higher Loss ("X") and the Loss of the
                    party with the lower Loss ("Y").

               If the amount payable is a positive number, Y will pay it to
               X; if it is a negative number, X will pay the absolute value
               of that amount to Y.

          (iii) Adjustment for Bankruptcy. In circumstances where an Early
          Termination Date occurs because "Automatic Early Termination"
          applies in respect of a party, the amount determined under this
          Section 6(e) will be subject to such adjustments as are appropriate
          and permitted by law to reflect any payments or deliveries made by
          one party to the other under this Agreement (and retained by such
          other party) during the period from the relevant Early Termination
          Date to the date for payment determined under Section 6(d)(ii).

          (iv) Pre-Estimate. The parties agree that if Market Quotation
          applies an amount recoverable under this Section 6(e) is a
          reasonable pre-estimate of loss and not a penalty. Such amount is
          payable for the loss of bargain and the loss of protection against
          future risks and except as otherwise provided in this Agreement
          neither party will be entitled to recover any additional damages as
          a consequence of such losses.

                                    D-1-10
<PAGE>

7.        Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of
the other party, except that: --

(a)       a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to
any other right or remedy under this Agreement); and

(b)       a party may make such a transfer of all or any part of its interest
in any amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be
void.

8.        Contractual Currency

(a)       Payment in the Contractual Currency. Each payment under this
Agreement will be made in the relevant currency specified in this Agreement
for that payment (the "Contractual Currency"). To the extent permitted by
applicable law, any obligation to make payments under this Agreement in the
Contractual Currency will not be discharged or satisfied by any tender in any
currency other than the Contractual Currency, except to the extent such tender
results in the actual receipt by the party to which payment is owed, acting in
a reasonable manner and in good faith in converting the currency so tendered
into the Contractual Currency, of the full amount in the Contractual Currency
of all amounts payable in respect of this Agreement. If for any reason the
amount in the Contractual Currency so received falls short of the amount in
the Contractual Currency payable in respect of this Agreement, the party
required to make the payment will, to the extent permitted by applicable law,
immediately pay such additional amount in the Contractual Currency as may be
necessary to compensate for the shortfall. If for any reason the amount in the
Contractual Currency so received exceeds the amount in the Contractual
Currency payable in respect of this Agreement, the party receiving the payment
will refund promptly the amount of such excess.

(b)       Judgments. To the extent permitted by applicable law, if any
judgment or order expressed in a currency other than the Contractual Currency
is rendered (i) for the payment of any amount owing in respect of this
Agreement, (ii) for the payment of any amount relating to any early
termination in respect of this Agreement or (iii) in respect of a judgment or
order of another court for the payment of any amount described in (i) or (ii)
above, the party seeking recovery, after recovery in full of the aggregate
amount to which such party is entitled pursuant to the judgment or order, will
be entitled to receive immediately from the other party the amount of any
shortfall of the Contractual Currency received by such party as a consequence
of sums paid in such other currency and will refund promptly to the other
party any excess of the Contractual Currency received by such party as a
consequence of sums paid in such other currency if such shortfall or such
excess arises or results from any variation between the rate of exchange at
which the Contractual Currency is converted into the currency of the judgment
or order for the purposes of such judgment or order and the rate of exchange
at which such party is able, acting in a reasonable manner and in good faith
in converting the currency received into the Contractual Currency, to purchase
the Contractual Currency with the amount of the currency of the judgment or
order actually received by such party. The term "rate of exchange" includes,
without limitation, any premiums and costs of exchange payable in connection
with the purchase of or conversion into the Contractual Currency.

(c)       Separate Indemnities. To the extent permitted by applicable law,
these indemnities constitute separate and independent obligations from the
other obligations in this Agreement, will be enforceable as separate and
independent causes of action, will apply notwithstanding any indulgence
granted by the party to which any payment is owed and will not be affected by
judgment being obtained or claim or proof being made for any other sums
payable in respect of this Agreement.

(d)       Evidence of Loss. For the purpose of this Section 8, it will be
sufficient for a party to demonstrate that it would have suffered a loss had
an actual exchange or purchase been made.

                                    D-1-11
<PAGE>

9.        Miscellaneous

(a)       Entire Agreement. This Agreement constitutes the entire agreement
and understanding of the parties with respect to its subject matter and
supersedes all oral communication and prior writings with respect thereto.

(b)       Amendments. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced
by a facsimile transmission) and executed by each of the parties or confirmed
by an exchange of telexes or electronic messages on an electronic messaging
system.

(c)       Survival of Obligations. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d)       Remedies Cumulative. Except as provided in this Agreement, the
rights, powers, remedies and privileges provided in this Agreement are
cumulative and not exclusive of any rights, powers, remedies and privileges
provided by law.

(e)       Counterparts and Confirmations.

          (i) This Agreement (and each amendment, modification and waiver in
          respect of it) may be executed and delivered in counterparts
          (including by facsimile transmission), each of which will be deemed
          an original.

          (ii) The parties intend that they are legally bound by the terms of
          each Transaction from the moment they agree to those terms (whether
          orally or otherwise). A Confirmation shall be entered into as soon
          as practicable and may be executed and delivered in counterparts
          (including by facsimile transmission) or be created by an exchange
          of telexes or by an exchange of electronic messages on an electronic
          messaging system, which in each case will be sufficient for all
          purposes to evidence a binding supplement to this Agreement. The
          parties will specify therein or through another effective means that
          any such counterpart, telex or electronic message constitutes a
          Confirmation.

(f)       No Waiver of Rights. A failure or delay in exercising any right,
power or privilege in respect of this Agreement will not be presumed to
operate as a waiver, and a single or partial exercise of any right, power or
privilege will not be presumed to preclude any subsequent or further exercise,
of that right, power or privilege or the exercise of any other right, power or
privilege.

(g)       Headings. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.       Offices; Multibranch Parties

(a)       If Section 10(a) is specified in the Schedule as applying, each
party that enters into a Transaction through an Office other than its head or
home office represents to the other party that, notwithstanding the place of
booking office or jurisdiction of incorporation or organisation of such party,
the obligations of such party are the same as if it had entered into the
Transaction through its head or home office. This representation will be
deemed to be repeated by such party on each date on which a Transaction is
entered into.

(b)       Neither party may change the Office through which it makes and
receives payments or deliveries for the purpose of a Transaction without the
prior written consent of the other party.

(c)       If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a
Transaction will be specified in the relevant Confirmation.

11.       Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other
party for and against all reasonable out-of-pocket expenses, including legal
fees and Stamp Tax, incurred by such other party by reason of the enforcement
and protection of its rights under this Agreement or any Credit Support
Document

                                    D-1-12
<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12.       Notices

(a)       Effectiveness. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated: --

          (i) if in writing and delivered in person or by courier, on the date
          it is delivered;

          (ii) if sent by telex, on the date the recipient's answerback is
          received;

          (iii) if sent by facsimile transmission, on the date that
          transmission is received by a responsible employee of the recipient
          in legible form (it being agreed that the burden of proving receipt
          will be on the sender and will not be met by a transmission report
          generated by the sender's facsimile machine);

          (iv) if sent by certified or registered mail (airmail, if overseas)
          or the equivalent (return receipt requested), on the date that mail
          is delivered or its delivery is attempted; or

          (v) if sent by electronic messaging system, on the date that
          electronic message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b)       Change of Addresses. Either party may by notice to the other change
the address, telex or facsimile number or electronic messaging system details
at which notices or other communications are to be given to it.

13.       Governing Law and Jurisdiction

(a)       Governing Law. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b)       Jurisdiction. With respect to any suit, action or proceedings
relating to this Agreement ("Proceedings"), each party irrevocably: --

          (i) submits to the jurisdiction of the English courts, if this
          Agreement is expressed to be governed by English law, or to the
          non-exclusive jurisdiction of the courts of the State of New York
          and the United States District Court located in the Borough of
          Manhattan in New York City, if this Agreement is expressed to be
          governed by the laws of the State of New York; and

          (ii) waives any objection which it may have at any time to the
          laying of venue of any Proceedings brought in any such court, waives
          any claim that such Proceedings have been brought in an inconvenient
          forum and further waives the right to object, with respect to such
          Proceedings, that such court does not have any jurisdiction over
          such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the
Civil Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c)       Service of Process. Each party irrevocably appoints the Process
Agent (if any) specified opposite its name in the Schedule to receive, for it
and on its behalf, service of process in any Proceedings. If for any

                                    D-1-13
<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute
process agent acceptable to the other party. The parties irrevocably consent
to service of process given in the manner provided for notices in Section 12.
Nothing in this Agreement will affect the right of either party to serve
process in any other manner permitted by law.

(d)       Waiver of Immunities. Each party irrevocably waives, to the fullest
extent permitted by applicable law, with respect to itself and its revenues
and assets (irrespective of their use or intended use), all immunity on the
grounds of sovereignty or other similar grounds from (i) suit, (ii)
jurisdiction of any court, (iii) relief by way of injunction, order for
specific performance or for recovery of property, (iv) attachment of its
assets (whether before or after judgment) and (v) execution or enforcement of
any judgment to which it or its revenues or assets might otherwise be entitled
in any Proceedings in the courts of any jurisdiction and irrevocably agrees,
to the extent permitted by applicable law, that it will not claim any such
immunity in any Proceedings.

14.       Definitions

As used in this Agreement: --

"Additional Termination Event" has the meaning specified in Section 5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control"
of any entity or person means ownership of a majority of the voting power of
the entity or person.

"Applicable Rate" means: --

(a)       in respect of obligations payable or deliverable (or which would have
been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b)       in respect of an obligation to pay an amount under Section 6(e) of
either party from and after the date (determined in accordance with Section
6(d)(ii)) on which that amount is payable, the Default Rate;

(c)       in respect of all other obligations payable or deliverable (or which
would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
Non-default Rate; and

(d)       in all other cases, the Termination Rate.

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or
ratification of, or any change in or amendment to, any law (or in the
application or official interpretation of any law) that occurs on or after the
date on which the relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified
as such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

                                    D-1-14
<PAGE>

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if
applicable, in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed
in respect of a payment under this Agreement but for a present or former
connection between the jurisdiction of the government or taxation authority
imposing such Tax and the recipient of such payment or a person related to
such recipient (including, without limitation, a connection arising from such
recipient or related person being or having been a citizen or resident of such
jurisdiction, or being or having been organised, present or engaged in a trade
or business in such jurisdiction, or having or having had a permanent
establishment or fixed place of business in such jurisdiction, but excluding a
connection arising solely from such recipient or related person having
executed, delivered, performed its obligations or received a payment under, or
enforced, this Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case
of tax matters, by the practice of any relevant governmental revenue
authority) and "lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and
foreign currency deposits) (a) in relation to any obligation under Section
2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so
specified, as otherwise agreed by the parties in writing or determined
pursuant to provisions contained, or incorporated by reference, in this
Agreement, (b) in relation to any other payment, in the place where the
relevant account is located and, if different, in the principal financial
centre, if any, of the currency of such payment, (c) in relation to any notice
or other communication, including notice contemplated under Section 5(a)(i),
in the city specified in the address for notice provided by the recipient and,
in the case of a notice contemplated by Section 2(b), in the place where the
relevant new account is to be located and (d) in relation to Section
5(a)(v)(2), in the relevant locations for performance with respect to such
Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be
its total losses and costs (or gain, in which case expressed as a negative
number) in connection with this Agreement or that Terminated Transaction or
group of Terminated Transactions, as the case may be, including any loss of
bargain, cost of funding or, at the election of such party but without
duplication, loss or cost incurred as a result of its terminating,
liquidating, obtaining or reestablishing any hedge or related trading position
(or any gain resulting from any of them). Loss includes losses and costs (or
gains) in respect of any payment or delivery required to have been made
(assuming satisfaction of each applicable condition precedent) on or before
the relevant Early Termination Date and not made, except, so as to avoid
duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does
not include a party's legal fees and out-of-pocket expenses referred to under
Section 11. A party will determine its Loss as of the relevant Early
Termination Date, or, if that is not reasonably practicable, as of the
earliest date thereafter as is reasonably practicable. A party may (but need
not) determine its Loss by reference to quotations of relevant rates or prices
from one or more leading dealers in the relevant markets.

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or
by such party (expressed as a positive number) in consideration of an
agreement between such party (taking into account any existing Credit Support
Document with respect to the obligations of such party) and the quoting
Reference Market-maker to enter into a transaction (the "Replacement
Transaction") that would have the effect of preserving for such party the
economic equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of each
applicable condition precedent) by the parties under Section 2(a)(i) in
respect of such Terminated Transaction or group of Terminated Transactions
that would, but for the occurrence of the relevant Early Termination Date,
have

                                    D-1-15
<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is
to be included. The Replacement Transaction would be subject to such
documentation as such party and the Reference Market-maker may, in good faith,
agree. The party making the determination (or its agent) will request each
Reference Market-maker to provide its quotation to the extent reasonably
practicable as of the same day and time (without regard to different time
zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by the party obliged to make a
determination under Section 6(e), and, if each party is so obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if
more than one quotation has the same highest value or lowest value, then one
of such quotations shall be disregarded. If fewer than three quotations are
provided, it will be deemed that the Market Quotation in respect of such
Terminated Transaction or group of Terminated Transactions cannot be
determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it)
if it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head
or home office.

"Potential Event of Default" means any event which, with the giving of notice
or the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria
that such party applies generally at the time in deciding whether to offer or
to make an extension of credit and (b) to the extent practicable, from among
such dealers having an office in the same city.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a)
in which the party is incorporated, organised, managed and controlled or
considered to have its seat, (b) where an Office through which the party is
acting for purposes of this Agreement is located, (c) in which the party
executes this Agreement and (d) in relation to any payment, from or through
which such payment is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention
or withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or
imposed on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of: --

(a)       the Termination Currency Equivalent of the Market Quotations
(whether positive or negative) for each Terminated Transaction or group of
Terminated Transactions for which a Market Quotation is determined; and

(b)       such party's Loss (whether positive or negative and without
reference to any Unpaid Amounts) for each Terminated Transaction or group of
Terminated Transactions for which a Market Quotation cannot be determined or
would not (in the reasonable belief of the party making the determination)
produce a commercially reasonable result.

"Specified Entity" has the meaning specified in the Schedule.

                                    D-1-16
<PAGE>

"Specified Indebtedness" means, subject to the Schedule, any obligation
(whether present or future, contingent or otherwise, as principal or surety or
otherwise) in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter
entered into between one party to this Agreement (or any Credit Support
Provider of such party or any applicable Specified Entity of such party) and
the other party to this Agreement (or any Credit Support Provider of such
other party or any applicable Specified Entity of such other party) which is a
rate swap transaction, basis swap, forward rate transaction, commodity swap,
commodity option, equity or equity index swap, equity or equity index option,
bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar
transaction (including any option with respect to any of these transactions),
(b) any combination of these transactions and (c) any other transaction
identified as a Specified Transaction in this Agreement or the relevant
confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment
or fee of any nature (including interest, penalties and additions thereto)
that is imposed by any government or other taxing authority in respect of any
payment under this Agreement other than a stamp, registration, documentation
or similar tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in
effect immediately before the effectiveness of the notice designating that
Early Termination Date (or, if "Automatic Early Termination" applies,
immediately before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount denominated
in the Termination Currency, such Termination Currency amount and, in respect
of any amount denominated in a currency other than the Termination Currency
(the "Other Currency"), the amount in the Termination Currency determined by
the party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or,
if the relevant Market Quotation or Loss (as the case may be), is determined
as of a later date, that later date, with the Termination Currency at the rate
equal to the spot exchange rate of the foreign exchange agent (selected as
provided below) for the purchase of such Other Currency with the Termination
Currency at or about 11:00 a.m. (in the city in which such foreign exchange
agent is located) on such date as would be customary for the determination of
such a rate for the purchase of such Other Currency for value on the relevant
Early Termination Date or that later date. The foreign exchange agent will, if
only one party is obliged to make a determination under Section 6(e), be
selected in good faith by that party and otherwise will be agreed by the
parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon
Merger or, if specified to be applicable, a Credit Event Upon Merger or an
Additional Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as
certified by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early
Termination Date, the aggregate of (a) in respect of all Terminated
Transactions, the amounts that became payable (or that would have become
payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or
prior to such Early Termination Date and which remain unpaid as at such Early
Termination Date and (b) in respect of each Terminated Transaction, for each
obligation under Section 2(a)(i) which was (or would have been but for Section
2(a)(iii)) required to be settled by delivery to such party on or prior to
such Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market

                                    D-1-17
<PAGE>

value of that which was (or would have been) required to be delivered as of
the originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or
would have been required to have been paid or performed to (but excluding)
such Early Termination Date, at the Applicable Rate. Such amounts of interest
will be calculated on the basis of daily compounding and the actual number of
days elapsed. The fair market value of any obligation referred to in clause
(b) above shall be reasonably determined by the party obliged to make the
determination under Section 6(e) or, if each party is so obliged, it shall be
the average of the Termination Currency Equivalents of the fair market values
reasonably determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

<TABLE>
<CAPTION>

<S>                                             <C>
    WACHOVIA BANK, NATIONAL ASSOCIATION         STRATS(SM) TRUST FOR WAL-MART STORES, INC.
                                                SECURITIES, SERIES 2005-4

                                                By: U.S. Bank Trust National Association, as Trustee

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

</TABLE>

                                    D-1-18
<PAGE>

                                                                     Exhibit D-2

                                   SCHEDULE
                                    to the
                               MASTER AGREEMENT
                     dated as of October 17, 2005 between
                WACHOVIA BANK, NATIONAL ASSOCIATION ("Party A")
                                      and
     STRATS(SM) TRUST FOR WAL-MART STORES, INC. SECURITIES, SERIES 2005-4
                                  ("Party B")

Part 1. Termination Provisions
        ----------------------

(a)  "Specified Entity" means, with respect to Party A for all purposes of
     this Agreement, none specified, and with respect to Party B for all
     purposes of this Agreement, none specified.

(b)  "Specified Transaction" has its meaning as defined in Section 14 of this
     Agreement.

(c)  "Cross Default" does not apply to Party A or Party B.

(d)  "Credit Event Upon Merger" does not apply to Party A or Party B.

(e)  "Automatic Early Termination" does not apply to Party A or Party B.

(f)  Payments on Early Termination. Except as otherwise provided in this
     Schedule, "Market Quotation" and the "Second Method" apply. In the case
     of any Terminated Transaction that is, or is subject to, any unexercised
     option, the words "economic equivalent of any payment or delivery"
     appearing in the definition of "Market Quotation" shall be construed to
     take into account the economic equivalent of the option. Additionally, in
     the event an Early Termination Date is designated by Party B in
     connection with an Event of Default or Termination Event with respect to
     which Party A is the Defaulting Party or sole Affected Party, then in no
     event shall any amount be payable under Section 6(e) of the Agreement by
     either Party A or Party B.

(g)  "Termination Currency" means United States Dollars.

(h)  Limitation on Defaults. The Events of Default specified in Section 5 of
     this Agreement shall not apply to Party A or Party B except for the
     following:

     (i)  Section 5(a)(i) of this Agreement (Failure to Pay or Deliver);

     (ii) Section 5(a)(vii) of this Agreement (Bankruptcy), provided that, the
          failure to make any payment of interest on or principal of the
          Certificates which does not give rise to an event of default
          pursuant to the terms of the Trust Agreement shall not be deemed to
          constitute a Bankruptcy within the meaning of clause (2) thereof
          with respect to Party B; and

    (iii) Section 5(a)(viii) of this Agreement (Merger Without Assumption).

                                    D-2-1
<PAGE>

(i)  Additional Termination Events.

     (i)  The occurrence of any of the following events shall be an Additional
          Termination Event:

          (A)  the unsecured and unsubordinated debt obligations of Party A or
               its Credit Support Provider, as applicable, are assigned a
               rating by S&P below the Hedge Counterparty Required Rating
               ("S&P Required Rating Downgrade Event"), and Party A fails to
               make a Permitted Transfer in accordance with the provisions of
               Part 6(a)(ii) of this Schedule within seven (7) days of such
               S&P Required Rating Downgrade Event, provided, however, that
               termination due to any such S&P Required Rating Downgrade Event
               shall not be permitted if S&P agrees in writing that it will
               not downgrade, reduce, suspend or withdraw S&P's then-current
               rating on the Certificates if this Agreement remains in full
               force and effect with respect to each transaction hereunder.
               Party A shall notify Party B within one (1) Business Day of the
               occurrence of a S&P Required Rating Downgrade Event;

          (B)  the unsecured and unsubordinated debt obligations of Party A or
               its Credit Support Provider, as applicable, are assigned a
               rating by S&P below the Hedge Counterparty Collateral Threshold
               Rating ("Collateral Rating Downgrade Event"), unless Party A
               either (i) enters into a Credit Support Annex with Party B and
               S&P confirms in writing that such Credit Support Annex will not
               cause the reduction or withdrawal of its then current rating of
               any outstanding class of Certificates under the Trust Agreement
               with respect to which it has previously issued a rating and
               Party A transfers to Party B's Custodian under such Credit
               Support Annex an amount of Eligible Collateral equal to the
               Delivery Amount required to be transferred with respect to the
               Affected Transactions on the effective date of such Credit
               Support Annex or (ii) makes a Permitted Transfer with respect
               to the Affected Transactions or (iii) provides Alternative
               Credit Support (as defined below) with respect to the Affected
               Transactions on or before the Credit Support Commencement Date.
               Party A shall notify Party B within five (5) Business Days of
               the occurrence of a Collateral Rating Downgrade Event;

          (C)  The Certificates become due and payable prior to their final
               scheduled maturity date for any reason;

          (D)  Party B fails to comply with sub-paragraph (e)(i) of Part 6 of
               this Schedule; any prepayment, redemption, retirement,
               liquidation or distribution of the Underlying Securities in
               full (including as a result of a Payment Default or an
               Acceleration or an SEC Reporting Failure (as such terms are
               defined in the Trust Agreement)) or other prepayment in full of
               all Certificates outstanding occurs under the Trust Agreement
               (or any notice is given to that effect and such prepayment,
               redemption, retirement, liquidation or distribution of the
               Underlying Securities is not capable of being rescinded); any
               Trust Termination Event (as defined in the Trust Agreement)
               occurs under the

                                    D-2-2
<PAGE>

               Trust Agreement (or any notice is given by the Trustee or any
               other party authorized by the terms of the Trust Agreement or
               by law) and the Trustee, the Certificateholders or any other
               authorized party thereunder takes any action or exercises any
               rights or remedies under the Trust Agreement or under law that
               would result in (1) the appropriation of all right, title and
               interest in and to the assets under the Trust Agreement in
               satisfaction, in whole or in part, of the obligations secured
               thereby, (2) the sale, liquidation or disposition of the assets
               under the Trust Agreement and the application of the proceeds
               thereof, in whole or in part, to the obligations secured
               thereby, or (3) the release of the security interest in the
               assets granted under the Trust Agreement in exchange for
               receiving either the payment, in whole or in part, of the
               obligations secured thereby or substitute collateral or credit
               support; or

          (E)  Party B fails to comply with sub-paragraph (j)(i) of Part 1 of
               this Schedule, or any Additional Termination Event occurs under
               paragraph (j) of Part 1 of this Schedule in either event to the
               extent of the applicable Affected Notional Amount as described
               in that paragraph.

     (ii) For purposes of the right to terminate under Section 6(b)(iv), Party
          A will be the sole Affected Party for any Additional Termination
          Event described in clause (A) or (B) of sub-paragraph (i) above, and
          Party B will be the sole Affected Party for any other Additional
          Termination Event.

    (iii) Notwithstanding which party is the Affected Party for any
          Additional Termination Event, upon the occurrence of an Early
          Termination Date for any Additional Termination Event under this
          Part 1(i), Party A shall make the calculations under Section 6(e) of
          this Agreement as though it were the non-Affected Party for purposes
          of Section 6(e)(ii)(1) of this Agreement.

     (iv) "Hedge Counterparty Required Rating" means, as applicable, at any
          time that any Certificates are outstanding under the Trust Agreement
          and have a long-term rating of at least A by S&P, with respect to a
          Person as an issuer or with respect to long-term senior unsecured
          debt of such Person, BBB- by S&P (for so long as any Certificates
          are outstanding under the Trust Agreement and are rated by S&P);
          provided that should S&P effect an overall downward adjustment of
          its short-term or long-term ratings, then the applicable Hedge
          Counterparty Required Rating shall be downwardly adjusted
          accordingly; provided further, that any adjustment to the Hedge
          Counterparty Required Rating shall be subject to the prior written
          consent of S&P.

     (v)  "Hedge Counterparty Collateral Threshold Rating" means, so long as
          any Certificates are outstanding under the Trust Agreement and are
          rated by S&P, the applicable "Party A Long-Term Collateral Threshold
          Rating" as set forth in the following table and determined based
          upon the applicable "Actual Certificate Rating" and the applicable
          "Party A Short-Term Collateral Threshold Rating":

                                    D-2-3
<PAGE>

          ---------------------------------------------------------------------
          Actual Certificate Party A Short-Term Collateral   Party A Long-Term
                Rating/1/       Collateral Threshold       Collateral Threshold
                                      Rating/2/                  Rating/3/
          ------------------ ----------------------------- --------------------
          AA- or above       A-1                           A
          ------------------ ----------------------------- --------------------
          AA- or above       Unrated                       A+
          ------------------ ----------------------------- --------------------
          A+                 A-2 or unrated                A-
          ------------------ ----------------------------- --------------------
          A                  A-2 or unrated                A-
          ------------------ ----------------------------- --------------------
          A- or below        Not applicable                Same rating as the
                                                           Actual Certificate
                                                           Rating
          ---------------------------------------------------------------------

          provided that should S&P effect an overall downward adjustment of
          its short-term or long-term ratings, then the applicable Hedge
          Counterparty Collateral Threshold Rating shall be downwardly
          adjusted accordingly; provided further, that any adjustment to the
          Hedge Counterparty Collateral Threshold Rating shall be subject to
          the prior written consent of S&P.

     (vi) "Alternative Credit Support" means an absolute and unconditional
          guarantee, credit intermediation arrangement, letter of credit or
          other additional credit support or collateral, in a form which meets
          S&P's then current criteria with respect to such types of credit
          support reasonably acceptable to S&P and for which S&P confirms in
          writing that such support will not cause the reduction or withdrawal
          of its then current rating of any outstanding class of Certificates
          under the Trust Agreement with respect to which it has previously
          issued a rating.

    (vii) "S&P" means, Standard & Poor's Ratings Services, a division of The
          McGraw-Hill Companies ("S&P") (so long as any Certificates deemed
          outstanding under the Trust Agreement are rated by S&P).

(j)  Mandatory Reduction Events. To protect Party A's interest in the Trust
     Agreement as a source of payment for Party B's obligations hereunder,
     including the priority of those payments under the Trust Agreement, the
     following provisions shall apply with respect to all Transactions
     hereunder:

     (i)  If either (x) without the prior written consent of Party A, Party B
          enters into any "Hedge Agreement" (as defined in the Trust
          Agreement) on any date (a "Principal Payment Date") with any person
          or entity that would result in the Hedge Notional Amount exceeding
          the remaining Principal Balance on any date or (y) as the result of
          any payment, repayment, retirement or redemption of any amount of
          the Principal

______________
(1) For purposes hereof, the term "Actual Certificate Rating" means the actual
long-term rating assigned by S&P with respect to the Certificates outstanding
under the Trust Agreement, and in the event S&P has assigned more than one
long-term rating with respect to the Certificates, then the Actual Certificate
Rating shall be the highest of such long-term ratings.

(2) For purposes hereof, the term "Party A Short-Term Collateral Threshold
Rating shall mean the rating assigned by S&P with respect to the short-term
debt of Party A, if any.

(3) For purposes hereof, the term "Party A Long-Term Collateral Threshold
Rating shall mean the rating assigned by S&P with respect to the long-term
debt of Party A.

                                    D-2-4
<PAGE>

          Balance under the Trust Agreement on any date (a "Principal Payment
          Date"), (A) the Principal Balance would be reduced to zero, or (B)
          the Hedge Notional Amount would exceed the remaining Principal
          Balance (after giving effect to that repayment), (each, a "Mandatory
          Reduction Event"), then not later than 1:00 p.m. (New York City
          time) on the date ("Mandatory Reduction Date") which is the second
          New York Business Day prior to that Principal Payment Date, Party B
          shall:

          (1)  notify Party A of that Mandatory Reduction Event, including the
               amount to be repaid and the outstanding Hedge Notional Amount;
               and

          (2)  specify in that notice each outstanding Transaction hereunder
               and the corresponding amount by which the Transactional
               Notional Amount of that Transaction is to be reduced for that
               Mandatory Reduction Event ("Affected Notional Amount") so that
               the Hedge Notional Amount for any date (after giving effect to
               all such reductions) would not exceed the Principal Balance for
               that date (after giving effect to any repayment) (except that
               if the Principal Balance is reduced to zero, the Hedge Notional
               Amount shall be reduced to zero).

     "Hedge Notional Amount" means, as of the date of determination, an amount
     equal to the aggregate Notional Amount outstanding on that date and for
     the then current Calculation Period of all Transactions outstanding under
     any Hedge Agreement (as defined in the Trust Agreement) then in effect.

     "Principal Balance" means, on any date, the aggregate principal amount of
     the Certificates, outstanding under the Trust Agreement on that date,
     after giving effect to all repayments, redemptions, advances or
     distributions of principal thereon on that date.

     (ii) For each Transaction for which a corresponding Affected Notional
          Amount is specified ("Affected Transaction") pursuant to
          sub-paragraph (i) above, the Notional Amount of that Affected
          Transaction shall be reduced as of the Mandatory Reduction Date by
          an amount equal to the Affected Notional Amount (and, if the
          Notional Amount otherwise accretes or amortizes after the Mandatory
          Reduction Date, the effect of that reduction shall be to reduce
          proportionately the Notional Amount of each future Calculation
          Period remaining under the Transaction), and an Additional
          Termination Event and Early Termination Date shall be deemed to have
          occurred on the Mandatory Reduction Date for that Transaction and
          Party B will be the sole Affected Party. For purposes of such Early
          Termination Date, the term "Terminated Transaction" as used in
          Section 6(e) of this Agreement shall be only that part of the
          Affected Transaction relating to the Affected Notional Amount, and
          the remainder of the Affected Transaction shall continue in full
          force and effect as a Transaction hereunder subject to the terms of
          this Agreement. The amount payable under Section 6(e) of this
          Agreement with respect to any such Early Termination Date shall be
          due and payable in accordance with such Section 6(e), provided that
          such payment shall be made no later than the next "Distribution
          Date" under the Trust Agreement to occur after the Mandatory
          Reduction Date, and provided further that the Market Quotation with
          respect to any Terminated Transaction under this sub-paragraph (ii)

                                    D-2-5
<PAGE>

          shall be determined on the basis of the quotation of one Reference
          Market-maker selected by Party A, which may be Party A to the extent
          its quotation is reasonably determined in good faith.

(k)  Events of Default. An Event of Default shall not occur with respect to
     Party A under Section 5(a)(v)(1) or (2) or Section 5(a)(vi) when the
     failure to pay or deliver, or the default, event of default or other
     similar condition or event, as the case may be, arises solely (i) out of
     a wire transfer problem or an operational or administrative error or
     omission (so long as the required funds or property required to make that
     payment or delivery were otherwise available to Party A), or (ii) from
     the general unavailability of the relevant currency due to exchange
     controls or other similar governmental action, but in either case only if
     the payment or delivery is made within three Local Business Days after
     the problem has been corrected, the error or omission has been discovered
     or the currency becomes generally available.

(l)  Modification of Section 5(a)(i) - Failure to Pay or Deliver. Section
     5(a)(i) is hereby amended to add the following language immediately after
     the word "party" at the end of the third line of such subsection
     "provided, however, such cure period shall not apply with respect to any
     amounts payable on the Termination Date".

(m)  Reports. For purposes hereof, Party B shall cause to be delivered to
     Party A within 10 days of the end of each calendar month a statement
     ("Reporting Statement") showing the Stated Amount of all Outstanding
     Certificates as of the end of such month and the Hedge Notional Amount as
     of the end of such month and each following month during the term of this
     Agreement for all outstanding Transactions under all Hedge Agreements
     which Party B has entered into, whether the same have already commenced
     or are scheduled to commence on a future date.

Part 2. Tax Provisions
        --------------

(a)  Payer Tax Representations. For the purpose of Section 3(e) of this
     Agreement, each party makes the following representation:

     It is not required by any applicable law, as modified by the practice of
     any relevant governmental revenue authority, of any Relevant Jurisdiction
     to make any deduction or withholding for or on account of any Tax from
     any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of
     this Agreement) to be made by it to the other party under this Agreement.

     In making this representation, a party may rely on (i) the accuracy of
     any representations made by the other party pursuant to Section 3(f) of
     this Agreement, (ii) the satisfaction of the agreement contained in
     Section 4(a)(i) or 4(a)(iii) of this Agreement, and the accuracy and
     effectiveness of any document provided by the other party pursuant to
     Section 4(a)(i) or 4(a)(iii) of this Agreement, and (iii) the
     satisfaction of the agreement of the other party contained in Section
     4(d) of this Agreement, provided that it shall not be a breach of this
     representation where reliance is placed on clause (ii) above and the
     other party does not

                                    D-2-6
<PAGE>

     deliver a form or document under Section 4(a)(iii) by reason of material
     prejudice to its legal or commercial position.

(b)  Payee Tax Representations. For the purpose of Section 3(f) of this
     Agreement:

     (i)  Party A makes the following representation(s):

          (A)  It is a national banking association organized or formed under
               the laws of the United States and is a United States resident
               for United States federal income tax purposes.

          (B)  Party A makes no other Payee Tax Representations.

     (ii) Party B makes the following representation(s):

          (A)  It is a common law trust organized or formed under the laws of
               New York.

(c)  Tax Forms.

     (i)  Delivery of Tax Forms. For the purpose of Section 4(a)(i), and
          without limiting Section 4(a)(iii), each party agrees to duly
          complete, execute and deliver to the other party the tax forms
          specified below with respect to it (A) before the first Payment Date
          under this Agreement, (B) promptly upon reasonable demand by the
          other party and (C) promptly upon learning that any such form
          previously provided by the party has become obsolete or incorrect.

          In addition, in the case of any tax form that is a Periodic Tax Form
          required to be delivered by Party B under this Agreement, Party B
          agrees to renew such tax form prior to its expiration by completing,
          executing and delivering to Party A that tax form ("Renewal Tax
          Form") in each succeeding third year following the year of execution
          of any such tax form or Renewal Tax Form delivered by Party B to
          Party A under this Agreement so that Party A receives each Renewal
          Tax Form not later than December 31 of the relevant year. "Periodic
          Tax Form" means any IRS Form W-9 that is delivered by Party B to
          Party A without a U.S. Taxpayer Identification Number.

     (ii) Tax Forms to be Delivered by Party A:

          Party A will deliver a correct, complete and duly executed U.S.
          Internal Revenue Service Form W-9 (or successor thereto), together
          with appropriate attachments, that eliminates U.S. federal
          withholding and backup withholding tax on payments to Party A under
          this Agreement.

    (iii) Tax forms to be Delivered by Party B:

          Party B will deliver a correct, complete and duly executed U.S.
          Internal Revenue Service Form W-9 (or successor thereto), together
          with appropriate attachments, that eliminates U.S. federal
          withholding and backup withholding tax on payments to

                                    D-2-7
<PAGE>

          Party B under this Agreement.

Part 3. Documents
        ---------

(a)  Delivery of Documents. When it delivers this Agreement, each party shall
     also deliver its Closing Documents to the other party in form and
     substance reasonably satisfactory to the other party. For each
     Transaction, a party shall deliver, promptly upon request, a duly
     executed incumbency certificate for the person(s) executing the
     Confirmation for that Transaction on behalf of that party.

(b)  Closing Documents.

     (i)  For Party A, "Closing Documents" mean:

          (A)  an opinion of Party A's counsel addressed to Party B in form
               and substance acceptable to Party B;

          (B)  a duly executed incumbency certificate for each person
               executing this Agreement for Party A, or in lieu thereof, a
               copy of the relevant pages of its official signature book; and

          (C)  each Credit Support Document (if any) specified for Party A in
               this Schedule, together with a duly executed incumbency
               certificate for the person(s) executing that Credit Support
               Document, or in lieu thereof, a copy of the relevant pages of
               its official signature book.

     (ii) For Party B, "Closing Documents" mean:

          (A)  an opinion of Party B's counsel addressed to Party A in form
               and substance acceptable to Party A;

          (B)  a duly executed copy of the Trust Agreement and the other
               operative documents relating thereto and referred to therein,
               executed and delivered by the parties thereto.

          (C)  a copy, certified by the secretary or assistant secretary of
               Party B, of the resolutions of the board of directors or
               extracts from the bylaws of Party B authorizing the execution,
               delivery and performance by Party B of this Agreement and
               authorizing Party B to enter into Transactions hereunder; and

          (D)  a duly executed certificate of the secretary or assistant
               secretary of Party B certifying the name and true signature of
               each person authorized to execute this Agreement and enter into
               Transactions for Party B.

Part 4. Miscellaneous
        -------------

(a)  Addresses for Notices. For purposes of Section 12(a) of this Agreement,
     all notices to a party shall, with respect to any particular Transaction,
     be sent to its address, telex number or

                                    D-2-8
<PAGE>

     facsimile number specified in the relevant Confirmation, provided that
     any notice under Section 5 or 6 of this Agreement, and any notice under
     this Agreement not related to a particular Transaction, shall be sent to
     a party at its address, telex number or facsimile number specified below;
     provided further that any notice under any Credit Support Annex shall be
     sent to a party at its address, telex number or facsimile number
     specified in the Credit Support Annex.

     To Party A:

     Wachovia Bank, National Association
     301 South College, DC-8
     Charlotte, NC 28202-0600
     Attention: Bruce M. Young
     Senior Vice President, Risk Management
     Fax: (704) 383-0575
     Phone: (704) 383-8778

     To Party B:

     STRATS(SM) Trust for Wal-Mart Stores, Inc. Securities, Series 2005-4
     U.S. Bank Trust National Association
     100 Wall Street, Suite 1600
     New York, New York 10005
     Attention: Corporate Trust
     Fax: (212)809-5459

(b)  Process Agent. Not applicable.

(c)  Offices. Section 10(a) applies.

(d)  Multibranch Party. Neither party is a Multibranch Party.

(e)  "Calculation Agent" means Party A.

(f)  Credit Support Document.

     (i)  For Party A, the following is a Credit Support Document: to the
          extent executed under Part 1(i)(i)(B)(i), the Credit Support Annex
          duly executed and delivered by Party A and Party B and any
          applicable document governing Alternative Credit Support beginning
          on the effective date of such document.

     (ii) For Party B, the following is a Credit Support Document: none
          specified.

(g)  Credit Support Provider.

     (i)  For Party A, Credit Support Provider means: none specified; provided
          that such party (other than Party A) executing a document governing
          Alternative Credit Support

                                    D-2-9
<PAGE>

          shall be a Credit Support Provider hereunder beginning on the
          effective date of such document.

     (ii) For Party B, Credit Support Provider means: none specified.

(h)  Governing Law. This Agreement will be governed by and construed in
     accordance with the law (and not the law of conflicts except with respect
     to ss.ss. 5-1401 and 5-1402 of the New York General Obligations Law) of
     the State of New York.

(i)  Waiver of Jury Trial. To the extent permitted by applicable law, each
     party irrevocably waives any and all right to trial by jury in any legal
     proceeding in connection with this Agreement, any Credit Support Document
     to which it is a party, or any Transaction.

(j)  Netting of Payments. Section 2(c)(ii) of this Agreement will apply.

(k)  "Affiliate" has its meaning as defined in Section 14 of this Agreement.

Part 5. Other Provisions
        ----------------

(a)  ISDA Publications.

     (i)  2000 ISDA Definitions. This Agreement and each Transaction are
          subject to the 2000 ISDA Definitions (including its Annex) published
          by the International Swaps and Derivatives Association, Inc.
          (together, the "2000 ISDA Definitions") and will be governed by the
          provisions of the 2000 ISDA Definitions. The provisions of the 2000
          ISDA Definitions are incorporated by reference in, and shall form
          part of, this Agreement and each Confirmation. Any reference to a
          "Swap Transaction" in the 2000 ISDA Definitions is deemed to be a
          reference to a "Transaction" for purposes of this Agreement or any
          Confirmation, and any reference to a "Transaction" in this Agreement
          or any Confirmation is deemed to be a reference to a "Swap
          Transaction" for purposes of the 2000 ISDA Definitions. The
          provisions of this Agreement (exclusive of the 2000 ISDA
          Definitions) shall prevail in the event of any conflict between such
          provisions and the 2000 ISDA Definitions.

(b)  Additional Representations. Section 3 is amended by adding the following
     Sections 3(g), (h), (i) and (j):

     "(g) Non-Reliance. For any Relevant Agreement: (i) it acts as principal
     and not as agent; (ii) it acknowledges that the other party acts only at
     arm's length and is not its agent, broker, advisor or fiduciary in any
     respect, and any agency, brokerage, advisory or fiduciary services that
     the other party (or any of its affiliates) may otherwise provide to the
     party (or to any of its affiliates) excludes the Relevant Agreement;
     (iii) with respect to Party A, it understands the Relevant Agreement and
     those risks, has determined they are appropriate for it, and willingly
     assumes those risks, and with respect to Party B, it has been directed to
     execute the Relevant Agreement and it understands the Relevant Agreement
     and those risks and willingly assumes those risks; (iv) it has not relied
     and will not be relying upon any evaluation or advice (including any
     recommendation, opinion, or representation) from the

                                    D-2-10
<PAGE>

     other party, or the representatives or advisors of the other party
     (except representations expressly made in the Relevant Agreement or an
     opinion of counsel required thereunder); and (vi) if a party is acting as
     a Calculation Agent or Valuation Agent, it does so not as the other
     party's agent or fiduciary, but on an arm's length basis for the purpose
     of performing an administrative function in good faith.

     "Relevant Agreement" means this Agreement, each Transaction, each
     Confirmation, any Credit Support Document, and any agreement (including
     any amendment, modification, transfer or early termination) between the
     parties relating thereto or to any Transaction.

     (h) Eligibility. It is an "eligible contract participant" within the
     meaning of the Commodity Exchange Act (as amended by the Commodity
     Futures Modernization Act of 2000).

     (i) FDIC Requirements. If it is a bank subject to the requirements of 12
     U.S.C. ss. 1823(e), its execution, delivery and performance of this
     Agreement (including any Credit Support Annex and each Confirmation) have
     been approved by its board of directors or its loan committee, such
     approval is reflected in the minutes of said board of directors or loan
     committee, and this Agreement (including any Credit Support Annex and
     each Confirmation) will be maintained as one of its official records
     continuously from the time of its execution (or in the case of any
     Confirmation, continuously until such time as the relevant Transaction
     matures and the obligations therefor are satisfied in full).

     (j) ERISA. It is not (i) an employee benefit plan as defined in Section
     3(3) of the Employee Retirement Income Security Act of 1974, as amended
     ("ERISA") or a plan as defined in Section 4975(e) of the Internal Revenue
     Code of 1986, as amended (the "Code"), subject to Title I of ERISA or
     Section 4975 of the Code, or a plan as so defined but which is not
     subject to Title I of ERISA or Section 4975 of the Code (each, an "ERISA
     Plan"), (ii) a person or entity acting on behalf of an ERISA Plan, or
     (iii) a person or entity the assets of which constitute assets of an
     ERISA Plan.

(c)  Recorded Conversations. Each party and any of its Affiliates may
     electronically record any of its telephone conversations with the other
     party or with any of the other party's Affiliates in connection with this
     Agreement or any Transaction, and any such recordings may be submitted in
     evidence in any proceeding to establish any matters pertinent to this
     Agreement or any Transaction.

(d)  Confirmation Procedures. Upon receipt thereof, Party B shall examine the
     terms of each Confirmation sent by Party A, and unless Party B objects to
     the terms within three New York business days after receipt of that
     Confirmation, those terms shall be deemed accepted and correct absent
     manifest error, in which case that Confirmation will be sufficient to
     form a binding supplement to this Agreement notwithstanding Section
     9(e)(ii) of this Agreement.

                                    D-2-11
<PAGE>

Part 6. Additional Terms Relating to the Trust Agreement
        ------------------------------------------------

(a)  Permitted Transfers.

     (i)  Notwithstanding Section 7 of this Agreement, Party A may make a
          Permitted Transfer without the prior written consent of Party B, and
          at Party A's own cost and expense, if either of the following events
          occurs:

          (A)  the unsecured and unsubordinated debt obligations of Party A
               are rated below the Hedge Counterparty Required Rating or the
               Hedge Counterparty Collateral Threshold Rating by S&P at the
               time of the transfer; or

          (B)  any Tax Event or Tax Event Upon Merger exists with respect to
               Party A at the time of the transfer.

     (ii) "Permitted Transfer" means a transfer, in whole but not in part, of
          all of Party A's rights and obligations under this Agreement and
          which meets all of the following requirements:

          (A)  the transferee is a "Qualified Hedge Party " (as defined in the
               Trust Agreement) or a recognized dealer in interest rate swaps
               organized under the laws of the United States of America or a
               jurisdiction located in the United States of America (or
               another jurisdiction reasonably acceptable to Party B and the
               Trustee under the Trust Agreement) that, at the time of the
               transfer, maintains (or its proposed guarantor maintains) the
               Hedge Counterparty Required Rating from S&P on its unsecured
               and unsubordinated debt, deposit or letter of credit
               obligations;

          (B)  S&P confirms in writing that such transfer will not result in a
               reduction or withdrawal of its then current rating of the
               Certificates under the Trust Agreement with respect to which it
               has previously issued a rating;

          (C)  neither an Event of Default with respect to the transferee nor
               a Termination Event would exist immediately after that
               transfer;

          (D)  the transferee executes and delivers a written agreement
               reasonably satisfactory to Party B and the Trustee under the
               Trust Agreement in which the transferee, among other things,
               legally and effectively accepts all the rights and assumes all
               the obligations of Party A under this Agreement; and

          (E)  such transfer otherwise complies with the terms of the Trust
               Agreement.

(b)  Transfer. No Party to this Agreement may transfer its obligations under
     this Agreement pursuant to Sections 6(b)(ii) or 7(a) of this Agreement
     except upon written confirmation from S&P that, any such reduction would
     not cause S&P's then-current rating on the Certificates to be adversely
     qualified, reduced, suspended or withdrawn. Upon the occurrence of a
     Collateral Rating Downgrade Event, Party A will use its best efforts to
     make

                                    D-2-12
<PAGE>

     a Permitted Transfer with respect to the Affected Transactions, provided
     that Party A does not otherwise elect to avoid an Additional Termination
     Event under Part 1(i)(i)(B) of this Schedule by either: (i) entering into
     a Credit Support Annex with Party B, or (ii) providing Alternative Credit
     Support, each in accordance with the provisions specified in Part
     1(i)(i)(B) of this Schedule; provided, however, in no event shall Party
     A's failure to make any such Permitted Transfer constitute an Event of
     Default.

(c)  Payments. All payments to Party B under this Agreement or any Transaction
     shall be made to the Certificate Account created under the Trust
     Agreement.

(d)  Set-off. Party A and Party B hereby waive any and all right of set-off
     with respect to any amounts due under this Agreement or any Transaction,
     provided that nothing herein shall be construed to waive or otherwise
     limit the netting provisions contained in Sections 2(c) and 6(e) of this
     Agreement or the setoff rights contained in any Credit Support Annex.

(e)  Trust Agreement

     (i)  Party B hereby acknowledges that Party A is a secured party under
          the Trust Agreement with respect to this Agreement and a third-party
          beneficiary under the Trust Agreement and Party B agrees for the
          benefit of Party A that neither it nor any other Person will take
          any action (whether in the form of an amendment, a modification,
          waiver, approval, consent or otherwise) which may have a material
          adverse effect with respect to the rights, interest or benefits
          granted to Party A under the Trust Agreement with respect to this
          Agreement, whether or not this Agreement is specifically referred to
          or identified therein.

     (ii) On the date Party B executes and delivers this Agreement and on each
          date on which a Transaction is entered into, Party B hereby
          represents and warrants to Party A: that the Trust Agreement is in
          full force and effect; that Party B is not party to any separate
          agreement with any of the parties to the Trust Agreement that would
          have the effect of diminishing or impairing the rights, interests or
          benefits that have been granted to Party A under, and which are
          expressly set forth in, the Trust Agreement; that Party B's
          obligations under this Agreement are secured under the Trust
          Agreement; and that nothing herein violates or conflicts with any of
          the provisions of the Trust Agreement or any other documents
          executed in connection therewith.

(f)  Consent to Notice & Communications. Party B hereby consents to the giving
     to the Trustee of notice by Party A of Party A's address and telecopy and
     telephone numbers for all purposes of the Trust Agreement, and in
     addition, Party A shall also be entitled at any time to provide the
     Trustee with copies of this Agreement, including all Confirmations. In
     addition, Party A shall not be precluded from communicating with the
     Trustee or any party to, or any third party beneficiary under, the Trust
     Agreement for the purpose of exercising, enforcing or protecting any of
     Party A's rights or remedies under this Agreement or any rights,
     interests or benefits granted to Party A under the Trust Agreement.

                                    D-2-13
<PAGE>

(g)  No Bankruptcy Petition. Party A agrees that, prior to the date which is
     at least one year and one day after all Rated Indebtedness (as
     hereinafter defined) has been paid in full, it will not institute
     against, or join any other person or entity in instituting against, Party
     B any bankruptcy, reorganization, arrangement, insolvency, moratorium or
     liquidation proceedings, or other proceedings under federal or State
     bankruptcy or similar laws, provided that nothing herein shall preclude,
     or be deemed to estop, Party A from taking any action in any case or
     proceeding voluntarily filed or commenced by or on behalf of Party B or
     in any involuntary case or proceeding after it has commenced.

(h)  Limitation of Liability. Notwithstanding anything contained herein to the
     contrary, in executing this Agreement (including the Schedule, any Credit
     Support Annex and each Confirmation) on behalf of Party B, the Trustee is
     acting solely in its capacity as trustee of Party B and not in its
     individual capacity, and in no event shall the Trustee, in its individual
     capacity or as beneficial owner of Party B, have any liability for the
     representations, warranties, covenants, agreements or other obligations
     of Party B hereunder, for which recourse shall be had solely to the
     assets of Party B.

(i)  Party A Rights Solely Against Collateral. The liability of Party B to
     Party A hereunder is limited in recourse to the assets of Party B and to
     the extent that the proceeds of such assets, when applied in accordance
     with the Trust Agreement, are insufficient to meet the obligations of
     Party B hereunder in full, Party B shall have no further liability in
     respect of any such outstanding obligations and any obligations of Party
     B which remain outstanding shall be extinguished. Party A further agrees
     that it shall not take any action against the directors, shareholders,
     administrator or officers of Party B to recover any amounts due hereunder
     (absent fraud or willful misconduct by any such person). This clause
     shall survive the termination of this agreement for any reason.

Part 7. Definitions:
        ------------

     All capitalized terms used herein and not defined, shall have the
     definition ascribed to them in the Trust Agreement.

     "Credit Support Commencement Date" means the thirtieth (30th) day after
     the occurrence of the Collateral Rating Downgrade Event.

     "Rated Indebtedness," means the Certificates issued under the Trust
     Agreement.

     "Securities Intermediary" means U.S. Bank Trust, National Association or
     any successor, acting as Securities Intermediary pursuant to the Trust
     Agreement.

     "Trust Agreement" means that certain STRATS(SM) Certificates Series
     Supplement 2005-4 between Synthetic Fixed-Income Securities, Inc., as
     trustor (the "Trustor") and the Trustee and Securities Intermediary,
     dated as of October 17, 2005, which was entered into pursuant to, and as
     a supplement to, that certain Base Trust Agreement, dated as of September
     26, 2003 by and between the Trustor and the Trustee.

                                    D-2-14
<PAGE>

     "Trustee" means U.S. Bank Trust, National Association or any successor,
     acting as Trustee pursuant to the Trust Agreement.

                                    D-2-15
<PAGE>

IN WITNESS WHEREOF, the parties have executed this Schedule by their duly
authorized signatories as of the date hereof.

WACHOVIA BANK, NATIONAL ASSOCIATION

By: __________________________________
    Name:
    Title:

STRATS(SM) TRUST FOR WAL-MART STORES, INC. SECURITIES, SERIES 2005-4

By:  U.S. Bank Trust National Association, as Trustee

By: __________________________________
    Name:
    Title:

<PAGE>
                                                                 Exhibit D-3

                         SWAP TRANSACTION CONFIRMATION

[LOGO OMITTED]  WACHOVIA

Date:           October 21, 2005
To:             STRATS(SM) Trust for JPMorgan Chase Capital XVII Securities,
                Series 2005-4 ("Counterparty")
Address:        US Bank Trust, National Association
                100 Wall Street
                Suite 1600
                New York NY 10005
                USA
Fax:            212-809-5459
Attention:      Confirmations
From:           Wachovia Bank, N.A. ("Wachovia")
Ref. No.        1210312, 1210313

Dear Sir or Madam:

This confirms the terms of the Transaction described below between
Counterparty and Wachovia. The definitions and provisions contained in the
2000 ISDA Definitions, as published by the International Swaps and Derivatives
Association, Inc., are incorporated into this Confirmation. In the event of
any inconsistency between those definitions and provisions and this
Confirmation, this Confirmation will govern.

This Confirmation supplements, forms part of, and is subject to, the ISDA
Master Agreement between Wachovia and Counterparty dated as of October 26,
2005, as amended and supplemented from time to time (the "ISDA Master
Agreement").  All provisions contained or incorporated by reference in the
Master Agreement will govern this Confirmation except as expressly modified
herein.

1. The terms of the particular Transaction to which the Confirmation relates
   are as follows:

Transaction Type:               Interest Rate Swap
Currency for Payments:          U.S. Dollars
Notional Amount:                USD 15,000,000.00
Term:
     Trade Date:                October  12, 2005
     Effective Date:            October 24, 2005.  The Effective Date is the
                                first Calculation Period.  However, the rights
                                and obligations of both parties under this
                                Transaction are in effect as of the Trade Date.
     Termination Date:          August 01, 2035 in respect of Fixed Amounts,
                                subject to the Following Business Day
                                Convention.
                                August 01, 2035 in respect of Floating
                                Amounts, subject to the Modified Following
                                Business Day Convention.

Fixed Amounts:

     Fixed Rate Payer:          Counterparty
     Period End Dates:          Semi-annually on the 1st of each February and
                                August commencing February 01,

                                     D-3-1
<PAGE>

                                2006, through and including the Termination
                                Date.
     Payment Dates:             Semi-annually on the 1st of each February and
                                August commencing February 01, 2006, through
                                and including the Termination Date.
     Business Day Convention:   Following
     Business Day:              New York, London
     Fixed Rate:                5.85%
     Fixed Rate Day Count
     Fraction:                  30/360

Additional Fixed Amount:

     Fixed Amount Payer:        Wachovia
     Fixed Amount:              USD 18,000.00
     Fixed Amount
     Payment Date:              October 24, 2005

Floating Amounts:

     Floating Rate Payer:       Wachovia
     Period End Dates:          Monthly on the 1st of each month, commencing
                                November 01, 2005, through and including the
                                Termination Date.
     Payment Dates:             Monthly on the 1st of each month, commencing
                                November 01, 2005, through and including the
                                Termination Date. Provided, however, following
                                the occurrence of any Deferral Period (as
                                defined in the Trust Agreement), Payment Dates
                                shall automatically change to be semi-annually
                                on the 1st of August and February commencing
                                on the February 1st or August 1st occurring
                                on or immediately after the termination of the
                                applicable Deferral Period, through and
                                including the Termination Date.
     Business Day Convention:   Following
     Business Day:              New York
     Floating Rate for initial
     Calculation Period:        Determined two London Banking Days prior to the
                                Effective Date.
     Floating Rate Option:      USD-LIBOR-BBA
     Designated Maturity:       6 Months
     Spread:                    Plus 1.00%
     Floating Rate Day Count
     Fraction:                  30/360
     Floating Rate determined:  Two London Banking Days prior to each Reset
                                Date.
     Reset Dates:               The first day of each Calculation Period.
     Compounding:               Inapplicable
     Rounding convention:       5 decimal places per the ISDA Definitions.

Interest Rate Cap:

     Floating Rate Payer:       Counterparty
     Cap Rate:                  8.00%

                                    D-3-2
<PAGE>

     Period End Dates:          Monthly on the 1st of each month, commencing
                                November 01, 2005, through and including the
                                Termination Date.
     Payment Dates:             Monthly on the 1st of each month, commencing
                                November 01, 2005, through and including the
                                Termination Date. Provided, however, following
                                the occurrence of any Deferral Period (as
                                defined in the Trust Agreement), Payment Dates
                                shall automatically change to be semi-annually
                                on the 1st of August and February commencing
                                on the February 1st or August 1st occurring on
                                or immediately after the termination of the
                                applicable Deferral Period, through and
                                including the Termination Date.
     Business Day Convention:   Following
     Business Day:              New York
     Floating Rate for initial
     Calculation Period:        Determined two London Banking Days prior to
                                the Effective Date.
     Floating Rate Option:      USD-LIBOR-BBA
     Designated Maturity:       6 Months
     Spread:                    Plus 1.00%
     Floating Rate Day Count
     Fraction:                  30/360
     Floating Rate determined:  Two London Banking Days prior to each Reset
                                Date.
     Reset Dates:               The first day of each Calculation Period.
     Compounding:               Inapplicable
     Rounding convention:       5 decimal places per the ISDA Definitions.

2. The additional provisions of this Confirmation are as follows:

Calculation Agent:              Wachovia
Payment Instructions:           Wachovia Wholesale Lockbox
                                P.O. Box 60308
                                Charlotte, NC 28260-0308
Wachovia Contacts:              Settlements and/or Rate Resets:
                                Tel: (800) 249-3865
                                Fax: (704) 383-9139

                                Documentation:
                                Tel: (704) 383-4599
                                Fax: (704) 383-9139

                                Collateral:
                                Tel: (704) 383-9529

                                Please quote transaction reference number.
Payments to Counterparty:       Please provide written payment instructions.
                                Wachovia will make no payment until written
                                payment instructions are received.
                                Phone: 1-800-249-3865  Fax: 1-704-383-8429

Additional Terms:

"Trust Agreement" means that certain STRATS(SM) Certificates Series Supplement
2005-5 between Synthetic Fixed Income Securities, Inc., as trustor (the
"Trustor") and the Trustee and Securities Intermediary dated October 26, 2005,
which was entered into pursuant to, and as a supplement to, that certain Base
Trust Agreement, dated as of September 26, 2003 by and between the Trustor
and Trustee.

                                    D-3-3
<PAGE>

Miscellaneous:

The Parties hereby acknowledge and agree that the Payments hereunder shall be
subject to the Provisions of Part 1(h)(i) of the Schedule to the ISDA Master
Agreement, including, but not limited to the obligation to pay default
interest in connection with any non-payments hereunder due to a Deferral
Period (as defined in the Trust Agreement).

                                    D-3-4
<PAGE>

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing a copy of this Confirmation and returning it to us or
by sending to us a letter substantially similar to this letter, which letter
sets forth the material terms of the Transaction to which this Confirmation
relates and indicates your agreement to those terms.

                                   Very truly yours,
                                   Wachovia Bank, N.A.

                                   By:_____________________________
                                   Name:
                                   Title:

                                   SP __

                                   Ref. No. 1210312, 1213013

Accepted and confirmed as of date first above written:
STRATS(SM) Trust for JPMorgan Chase Capital XVII Securities, Series 2005-5

By:  U.S. Bank Trust National Association, as Trustee

By:___________________________
Name:
Title:

                                    D-3-5

<PAGE>

                                                                     EXHIBIT E

                   EVIDENCE OF INTEGRATION FOR TAX PURPOSES

     This information is retained on behalf of each Certificateholder and is
intended to comply with requirements imposed by Section 1.1275-6(e) of the
United States Treasury Regulations.

         (1) The date the qualifying debt instrument was issued or acquired
         (or is expected to be issued or acquired) by the taxpayer and the
         date the Section 1.1275-6 hedge was entered into by the taxpayer.

         The Trust acquired the qualifying debt instrument on October 17, 2005
         and entered into the Section 1.1275-6 hedge on the same date. Each
         Certificateholder simultaneously acquires its interest in the
         qualifying debt instrument and enters into the Section 1.1275-6 hedge
         on the trade date identified in the trade confirmation for the
         purchase of Certificates.

         (2) A description of the qualifying debt instrument and the Section
         1.1275-6 hedge.

         The qualifying debt instrument is $25,000,000 in aggregate principal
         amount of 7.55% Notes due 2030 issued by Wal-Mart Stores, Inc. The
         Section 1.1275-6 hedge is a swap agreement between the Trust and
         Wachovia Bank, N.A., as evidenced by an ISDA Master Agreement
         (including a schedule thereto) dated as of October 17, 2005 and as
         supplemented by a confirmation number 1238140, in the form attached
         to this series supplement as Exhibit D.

         (3) A summary of the cash flows and accruals resulting from treating
         the qualifying debt instrument and the Section 1.1275-6 hedge as an
         integrated transaction (that is, the cash flows and accruals on the
         synthetic debt instrument).

                A single principal payment of $25,000,000 is payable on the
maturity date of February 15, 2030. Interest payments at three-month LIBOR
plus 0.50% per annum (but no more than 7.50% per annum) (each such interest
payment, an "Interest Payment") are payable on the 15th day of each calendar
month (or if the 15th calendar day is not a business day, on the next
succeeding business day).

                For any Interest Period (as hereinafter defined), "three-month
LIBOR" will be, with respect to any LIBOR Determination Date (as hereinafter
defined), the London interbank offered rate for three-month (such period being
referred to as the "Designated Maturity") United States dollar deposits,
commencing on the second London Banking Day (as defined below) immediately
following such LIBOR Determination Date, which appears on Telerate Page 3750
(as defined below) as of 11:00 a.m., London time, on such LIBOR Determination
Date. If such rate does not appear on Telerate Page 3750 at such time, LIBOR
for the Designated Maturity will be determined on the basis of the rates at
which deposits in U.S. Dollars are offered by the

                                     E-1
<PAGE>

Reference Banks (as defined below) at approximately 11:00 a.m., London time,
on the LIBOR Determination Date to prime banks in the London interbank market
for a period of the Designated Maturity commencing on the first day of the
related Interest Period and in an amount that is representative for a single
transaction in such market at the relevant time. The Calculation Agent will
request the principal London office of each of the Reference Banks to provide
a quotation of its rate. If at least two such quotations are provided, the
rate for that Interest Period will be the arithmetic mean of the quotations.
If fewer than two quotations are provided as requested, the rate for that
Interest Period will be the arithmetic mean of the rates quoted by major banks
in New York City, selected by the Calculation Agent, at approximately 11:00
a.m., New York City time, on the first day of the related Interest Period for
loans in U.S. Dollars to leading European banks for a period of the Designated
Maturity commencing on the first day of the related Interest Period and in an
amount that is representative for a single transaction in such market at the
relevant time.

                "Interest Period" means, with respect to the first
distribution date, the period from and including the original issue date of
the Certificates to, but excluding, November 15, 2005, and thereafter, so long
as the Swap Agreement is in effect, the period from and including the 15th day
of the preceding calendar month to, but excluding, the 15th day of the current
calendar month.

                "LIBOR Determination Date" means for each Interest Period,
the second London Banking Day preceding the commencement of such Interest
Period.

                "London Banking Day" means, any day on which commercial
banks are open for business (including dealings in foreign exchange and
foreign currency deposits) in London.

                "Reference Banks" means four major banks in the London
interbank market on the related LIBOR Determination Date, as selected by the
Calculation Agent.

                "Telerate Page 3750" means the display page so designated on
Moneyline's Telerate Service (or such other page as may replace that page on
that service, or such other service as may be nominated as the information
vendor, for the purpose of displaying LIBOR).

                                      E-2EXHIBIT 10.1

                             CATCHER HOLDINGS, INC.

                            2005 STOCK INCENTIVE PLAN

      1.    PURPOSES OF THE PLAN. The purposes of this Plan are to attract and
retain the best available personnel, to provide additional incentives to
Employees, Directors and Consultants and to promote the success of the Company's
business.

      2.    DEFINITIONS. The following definitions shall apply as used herein
and in the individual Award Agreements except as defined otherwise in an
individual Award Agreement. In the event a term is separately defined in an
individual Award Agreement, such definition shall supercede the definition
contained in this Section 2.

            (a)   "ADMINISTRATOR" means the Board or any of the Committees
appointed to administer the Plan.

            (b)   "AFFILIATE" and "ASSOCIATE" shall have the respective meanings
ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act.

            (c)   "APPLICABLE LAWS" means the legal requirements relating to the
Plan and the Awards under applicable provisions of federal securities laws,
state corporate and securities laws, the Code, the rules of any applicable stock
exchange or national market system, and the rules of any non-U.S. jurisdiction
applicable to Awards granted to residents therein.

            (d)   "ASSUMED" means that pursuant to a Corporate Transaction
either (i) the Award is expressly affirmed by the Company or (ii) the
contractual obligations represented by the Award are expressly assumed (and not
simply by operation of law) by the successor entity or its Parent in connection
with the Corporate Transaction with appropriate adjustments to the number and
type of securities of the successor entity or its Parent subject to the Award
and the exercise or purchase price thereof which at least preserves the
compensation element of the Award existing at the time of the Corporate
Transaction as determined in accordance with the instruments evidencing the
agreement to assume the Award.

            (e)   "AWARD" means the grant of an Option, SAR, Dividend Equivalent
Right, Restricted Stock, Restricted Stock Unit or other right or benefit under
the Plan.

            (f)   "AWARD AGREEMENT" means the written agreement evidencing the
grant of an Award executed by the Company and the Grantee, including any
amendments thereto.

            (g)   "BOARD" means the Board of Directors of the Company.

            (h)   "CAUSE" means, with respect to the termination by the Company
or a Related Entity of the Grantee's Continuous Service, that such termination
is for "Cause" as such term (or word of like import) is expressly defined in a
then-effective written agreement between the Grantee and the Company or such
Related Entity, or in the absence of such then-effective written agreement and
definition, is based on, in the determination of the Administrator, the

                                       1
<PAGE>

Grantee's: (i) performance of any act or failure to perform any act in bad faith
and to the detriment of the Company or a Related Entity; (ii) dishonesty,
intentional misconduct or material breach of any agreement with the Company or a
Related Entity; or (iii) commission of a crime involving dishonesty, breach of
trust, or physical or emotional harm to any person; provided, however, that with
regard to any agreement that defines "Cause" on the occurrence of or in
connection with a Corporate Transaction or a Change in Control, such definition
of "Cause" shall not apply until a Corporate Transaction or a Change in Control
actually occurs.

            (i)   "CHANGE IN CONTROL" means a change in ownership or control of
the Company effected through either of the following transactions:

                  (i)   the direct or indirect acquisition by any person or
related group of persons (other than an acquisition from or by the Company or by
a Company-sponsored employee benefit plan or by a person that directly or
indirectly controls, is controlled by, or is under common control with, the
Company) of beneficial ownership (within the meaning of Rule 13d-3 of the
Exchange Act) of securities possessing more than fifty percent (50%) of the
total combined voting power of the Company's outstanding securities pursuant to
a tender or exchange offer made directly to the Company's stockholders which a
majority of the Continuing Directors who are not Affiliates or Associates of the
offeror do not recommend such stockholders accept, or

                  (ii)  a change in the composition of the Board over a period
of twelve (12) months or less such that a majority of the Board members (rounded
up to the next whole number) ceases, by reason of one or more contested
elections for Board membership, to be comprised of individuals who are
Continuing Directors.

            (j)   "CODE" means the Internal Revenue Code of 1986, as amended.

            (k)   "COMMITTEE" means any committee composed of members of the
Board appointed by the Board to administer the Plan.

            (l)   "COMMON STOCK" means the common stock of the Company.

            (m)   "COMPANY" means Catcher Holdings, Inc., a Delaware
corporation, or any successor entity that adopts the Plan in connection with a
Corporate Transaction.

            (n)   "CONSULTANT" means any person (other than an Employee or a
Director, solely with respect to rendering services in such person's capacity as
a Director) who is engaged by the Company or any Related Entity to render
consulting or advisory services to the Company or such Related Entity.

            (o)   "CONTINUING DIRECTORS" means members of the Board who either
(i) have been Board members continuously for a period of at least twelve (12)
months or (ii) have been Board members for less than twelve (12) months and were
elected or nominated for election as Board members by at least a majority of the
Board members described in clause (i) who were still in office at the time such
election or nomination was approved by the Board.

                                       2
<PAGE>

            (p)   "CONTINUOUS SERVICE" means that the provision of services to
the Company or a Related Entity in any capacity of Employee, Director or
Consultant is not interrupted or terminated. In jurisdictions requiring notice
in advance of an effective termination as an Employee, Director or Consultant,
Continuous Service shall be deemed terminated upon the actual cessation of
providing services to the Company or a Related Entity notwithstanding any
required notice period that must be fulfilled before a termination as an
Employee, Director or Consultant can be effective under Applicable Laws. A
Grantee's Continuous Service shall be deemed to have terminated either upon an
actual termination of Continuous Service or upon the entity for which the
Grantee provides services ceasing to be a Related Entity. Continuous Service
shall not be considered interrupted in the case of (i) any approved leave of
absence, (ii) transfers among the Company, any Related Entity, or any successor,
in any capacity of Employee, Director or Consultant, or (iii) any change in
status as long as the individual remains in the service of the Company or a
Related Entity in any capacity of Employee, Director or Consultant (except as
otherwise provided in the Award Agreement). An approved leave of absence shall
include sick leave, military leave, or any other authorized personal leave. For
purposes of each Incentive Stock Option granted under the Plan, if such leave
exceeds three (3) months, and reemployment upon expiration of such leave is not
guaranteed by statute or contract, then the Incentive Stock Option shall be
treated as a Non-Qualified Stock Option on the day three (3) months and one (1)
day following the expiration of such three (3) month period.

            (q)   "CORPORATE TRANSACTION" means any of the following
transactions, provided, however, that the Administrator shall determine under
parts (iv) and (v) whether multiple transactions are related, and its
determination shall be final, binding and conclusive:

                  (i)   a merger or consolidation in which the Company is not
the surviving entity, except for a transaction the principal purpose of which is
to change the state in which the Company is incorporated;

                  (ii)  the sale, transfer or other disposition of all or
substantially all of the assets of the Company;

                  (iii) the complete liquidation or dissolution of the Company;

                  (iv)  any reverse merger or series of related transactions
culminating in a reverse merger (including, but not limited to, a tender offer
followed by a reverse merger) in which the Company is the surviving entity but
(A) the shares of Common Stock outstanding immediately prior to such merger are
converted or exchanged by virtue of the merger into other property, whether in
the form of securities, cash or otherwise, or (B) in which securities possessing
more than forty percent (40%) of the total combined voting power of the
Company's outstanding securities are transferred to a person or persons
different from those who held such securities immediately prior to such merger
or the initial transaction culminating in such merger, but excluding any such
transaction or series of related transactions that the Administrator determines
shall not be a Corporate Transaction; or

                  (v)   acquisition in a single or series of related
transactions by any person or related group of persons (other than the Company
or by a Company-sponsored employee benefit plan) of beneficial ownership (within
the meaning of Rule 13d-3 of the

                                       3
<PAGE>

Exchange Act) of securities possessing more than fifty percent (50%) of the
total combined voting power of the Company's outstanding securities but
excluding any such transaction or series of related transactions that the
Administrator determines shall not be a Corporate Transaction.

            (r)   "COVERED EMPLOYEE" means an Employee who is a "covered
employee" under Section 162(m)(3) of the Code.

            (s)   "DIRECTOR" means a member of the Board or the board of
directors of any Related Entity.

            (t)   "DISABILITY" means as defined under the long-term disability
policy of the Company or the Related Entity to which the Grantee provides
services regardless of whether the Grantee is covered by such policy. If the
Company or the Related Entity to which the Grantee provides service does not
have a long-term disability plan in place, "Disability" means that a Grantee is
unable to carry out the responsibilities and functions of the position held by
the Grantee by reason of any medically determinable physical or mental
impairment for a period of not less than ninety (90) consecutive days. A Grantee
will not be considered to have incurred a Disability unless he or she furnishes
proof of such impairment sufficient to satisfy the Administrator in its
discretion.

            (u)   "DIVIDEND EQUIVALENT RIGHT" means a right entitling the
Grantee to compensation measured by dividends paid with respect to Common Stock.

            (v)   "EMPLOYEE" means any person, including an Officer or Director,
who is in the employ of the Company or any Related Entity, subject to the
control and direction of the Company or any Related Entity as to both the work
to be performed and the manner and method of performance. The payment of a
director's fee by the Company or a Related Entity shall not be sufficient to
constitute "employment" by the Company.

            (w)   "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended.

            (x)   "FAIR MARKET VALUE" means, as of any date, the value of Common
Stock determined as follows:

                  (i)   If the Common Stock is listed on one or more established
stock exchanges or national market systems, including without limitation The
Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market,
its Fair Market Value shall be the closing sales price for such stock (or the
closing bid, if no sales were reported) as quoted on the principal exchange or
system on which the Common Stock is listed (as determined by the Administrator)
on the date of determination (or, if no closing sales price or closing bid was
reported on that date, as applicable, on the last trading date such closing
sales price or closing bid was reported), as reported in The Wall Street Journal
or such other source as the Administrator deems reliable;

                  (ii)  If the Common Stock is regularly quoted on an automated
quotation system (including the OTC Bulletin Board) or by a recognized
securities dealer, its Fair Market Value shall be the closing sales price for
such stock as quoted on such system or by

                                       4
<PAGE>

such securities dealer on the date of determination, but if selling prices are
not reported, the Fair Market Value of a share of Common Stock shall be the mean
between the high bid and low asked prices for the Common Stock on the date of
determination (or, if no such prices were reported on that date, on the last
date such prices were reported), as reported in The Wall Street Journal or such
other source as the Administrator deems reliable; or

                  (iii) In the absence of an established market for the Common
Stock of the type described in (i) and (ii), above, the Fair Market Value
thereof shall be determined by the Administrator in good faith.

            (y)   "GRANTEE" means an Employee, Director or Consultant who
receives an Award under the Plan.

            (z)   "IMMEDIATE FAMILY" means any child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in law, daughter-in-law, brother-in-law, or
sister-in-law, including adoptive relationships, any person sharing the
Grantee's household (other than a tenant or employee), a trust in which these
persons (or the Grantee) have more than fifty percent (50%) of the beneficial
interest, a foundation in which these persons (or the Grantee) control the
management of assets, and any other entity in which these persons (or the
Grantee) own more than fifty percent (50%) of the voting interests.

            (aa)  "INCENTIVE STOCK OPTION" means an Option intended to qualify
as an incentive stock option within the meaning of Section 422 of the Code

            (bb)  "NON-QUALIFIED STOCK OPTION" means an Option not intended to
qualify as an Incentive Stock Option.

            (cc)  "OFFICER" means a person who is an officer of the Company or a
Related Entity within the meaning of Section 16 of the Exchange Act and the
rules and regulations promulgated thereunder.

            (dd)  "OPTION" means an option to purchase Shares pursuant to an
Award Agreement granted under the Plan.

            (ee)  "PARENT" means a "parent corporation", whether now or
hereafter existing, as defined in Section 424(e) of the Code.

            (ff)  "PERFORMANCE-BASED COMPENSATION" means compensation qualifying
as "performance-based compensation" under Section 162(m) of the Code.

            (gg)  "PLAN" means this 2005 Stock Incentive Plan.

            (hh)  "POST-TERMINATION EXERCISE PERIOD" means the period specified
in the Award Agreement of not less than thirty (30) days commencing on the date
of termination (other than termination by the Company or any Related Entity for
Cause) of the Grantee's Continuous Service, or such longer period as may be
applicable upon death or Disability.

                                       5
<PAGE>

            (ii)  "RELATED ENTITY" means any Parent or Subsidiary of the Company
and any business, corporation, partnership, limited liability company or other
entity in which the Company or a Parent or a Subsidiary of the Company holds a
substantial ownership interest, directly or indirectly.

            (jj)  "REPLACED" means that pursuant to a Corporate Transaction the
Award is replaced with a comparable stock award or a cash incentive program of
the Company, the successor entity (if applicable) or Parent of either of them
which preserves the compensation element of such Award existing at the time of
the Corporate Transaction and provides for subsequent payout in accordance with
the same (or a more favorable) vesting schedule applicable to such Award. The
determination of Award comparability shall be made by the Administrator and its
determination shall be final, binding and conclusive.

            (kk)  "RESTRICTED STOCK" means Shares issued under the Plan to the
Grantee for such consideration, if any, and subject to such restrictions on
transfer, rights of first refusal, repurchase provisions, forfeiture provisions,
and other terms and conditions as established by the Administrator.

            (ll)  "RESTRICTED STOCK UNITS" means an Award which may be earned in
whole or in part upon the passage of time or the attainment of performance
criteria established by the Administrator and which may be settled for cash,
Shares or other securities or a combination of cash, Shares or other securities
as established by the Administrator.

            (mm)  "RULE 16B-3" means Rule 16b-3 promulgated under the Exchange
Act or any successor thereto.

            (nn)  "SAR" means a stock appreciation right entitling the Grantee
to Shares or cash compensation, as established by the Administrator, measured by
appreciation in the value of Common Stock.

            (oo)  "SHARE" means a share of the Common Stock.

            (pp)  "SUBSIDIARY" means a "subsidiary corporation", whether now or
hereafter existing, as defined in Section 424(f) of the Code.

      3.    STOCK SUBJECT TO THE PLAN.

            (a)   Subject to the provisions of Section 10, below, the maximum
aggregate number of Shares which may be issued pursuant to all Awards (including
Incentive Stock Options) is 2,219,000 Shares. In addition, Dividend Equivalent
Rights shall be payable solely in cash and therefore the issuance of Dividend
Equivalent Rights shall not be deemed to reduce the maximum aggregate number of
Shares which may be issued under the Plan. The Shares to be issued pursuant to
Awards may be authorized, but unissued, or reacquired Common Stock.

            (b)   Any Shares covered by an Award (or portion of an Award) which
is forfeited, canceled or expires (whether voluntarily or involuntarily) shall
be deemed not to have been issued for purposes of determining the maximum
aggregate number of Shares which may be issued under the Plan. Shares that
actually have been issued under the Plan pursuant to an

                                       6
<PAGE>

Award shall not be returned to the Plan and shall not become available for
future issuance under the Plan, except that if unvested Shares are forfeited, or
repurchased by the Company at the lower of their original purchase price or
their Fair Market Value at the time of repurchase, such Shares shall become
available for future grant under the Plan. To the extent not prohibited by the
listing requirements of The Nasdaq National Market (or other established stock
exchange or national market system on which the Common Stock is traded) and
Applicable Law, any Shares covered by an Award which are surrendered (i) in
payment of the Award exercise or purchase price or (ii) in satisfaction of tax
withholding obligations incident to the exercise of an Award shall be deemed not
to have been issued for purposes of determining the maximum number of Shares
which may be issued pursuant to all Awards under the Plan, unless otherwise
determined by the Administrator.

      4.    ADMINISTRATION OF THE PLAN.

            (a)   PLAN ADMINISTRATOR.

                  (i)   ADMINISTRATION WITH RESPECT TO DIRECTORS AND OFFICERS.
With respect to grants of Awards to Directors or Employees who are also Officers
or Directors of the Company, the Plan shall be administered by (A) the Board or
(B) a Committee designated by the Board, which Committee shall be constituted in
such a manner as to satisfy the Applicable Laws and to permit such grants and
related transactions under the Plan to be exempt from Section 16(b) of the
Exchange Act in accordance with Rule 16b-3. Once appointed, such Committee shall
continue to serve in its designated capacity until otherwise directed by the
Board.

                  (ii)  ADMINISTRATION WITH RESPECT TO CONSULTANTS AND OTHER
EMPLOYEES. With respect to grants of Awards to Employees or Consultants who are
neither Directors nor Officers of the Company, the Plan shall be administered by
(A) the Board or (B) a Committee designated by the Board, which Committee shall
be constituted in such a manner as to satisfy the Applicable Laws. Once
appointed, such Committee shall continue to serve in its designated capacity
until otherwise directed by the Board. The Board may authorize one or more
Officers to grant such Awards and may limit such authority as the Board
determines from time to time.

                  (iii) ADMINISTRATION WITH RESPECT TO COVERED EMPLOYEES.
Notwithstanding the foregoing, grants of Awards to any Covered Employee intended
to qualify as Performance-Based Compensation shall be made only by a Committee
(or subcommittee of a Committee) which is comprised solely of two or more
Directors eligible to serve on a committee making Awards qualifying as
Performance-Based Compensation. In the case of such Awards granted to Covered
Employees, references to the "Administrator" or to a "Committee" shall be deemed
to be references to such Committee or subcommittee.

                  (iv)  ADMINISTRATION ERRORS. In the event an Award is granted
in a manner inconsistent with the provisions of this subsection (a), such Award
shall be presumptively valid as of its grant date to the extent permitted by the
Applicable Laws.

            (b)   POWERS OF THE ADMINISTRATOR. Subject to Applicable Laws and
the provisions of the Plan (including any other powers given to the
Administrator hereunder), and

                                       7
<PAGE>

except as otherwise provided by the Board, the Administrator shall have the
authority, in its discretion:

                  (i)    to select the Employees, Directors and Consultants to
whom Awards may be granted from time to time hereunder;

                  (ii)   to determine whether and to what extent Awards are
granted hereunder;

                  (iii)  to determine the number of Shares or the amount of
other consideration to be covered by each Award granted hereunder;

                  (iv)   to approve forms of Award Agreements for use under the
Plan;

                  (v)    to determine the terms and conditions of any Award
granted hereunder;

                  (vi)   to amend the terms of any outstanding Award granted
under the Plan, provided that any amendment that would adversely affect the
Grantee's rights under an outstanding Award shall not be made without the
Grantee's written consent, provided, however, that an amendment or modification
that may cause an Incentive Stock Option to become a Non-Qualified Stock Option
shall not be treated as adversely affecting the rights of the Grantee;

                  (vii)  to construe and interpret the terms of the Plan and
Awards, including without limitation, any notice of award or Award Agreement,
granted pursuant to the Plan;

                  (viii) to grant Awards to Employees, Directors and Consultants
employed outside the United States on such terms and conditions different from
those specified in the Plan as may, in the judgment of the Administrator, be
necessary or desirable to further the purpose of the Plan; and

                  (ix)   to take such other action, not inconsistent with the
terms of the Plan, as the Administrator deems appropriate.

The express grant in the Plan of any specific power to the Administrator shall
not be construed as limiting any power or authority of the Administrator;
provided that the Administrator may not exercise any right or power reserved to
the Board. Any decision made, or action taken, by the Administrator or in
connection with the administration of this Plan shall be final, conclusive and
binding on all persons having an interest in the Plan.

            (c)   INDEMNIFICATION. In addition to such other rights of
indemnification as they may have as members of the Board or as Officers or
Employees of the Company or a Related Entity, members of the Board and any
Officers or Employees of the Company or a Related Entity to whom authority to
act for the Board, the Administrator or the Company is delegated shall be
defended and indemnified by the Company to the extent permitted by law on an
after-tax basis against all reasonable expenses, including attorneys' fees,
actually and necessarily incurred in connection with the defense of any claim,
investigation, action, suit or proceeding, or in

                                       8
<PAGE>

connection with any appeal therein, to which they or any of them may be a party
by reason of any action taken or failure to act under or in connection with the
Plan, or any Award granted hereunder, and against all amounts paid by them in
settlement thereof (provided such settlement is approved by the Company) or paid
by them in satisfaction of a judgment in any such claim, investigation, action,
suit or proceeding, except in relation to matters as to which it shall be
adjudged in such claim, investigation, action, suit or proceeding that such
person is liable for gross negligence, bad faith or intentional misconduct;
provided, however, that within thirty (30) days after the institution of such
claim, investigation, action, suit or proceeding, such person shall offer to the
Company, in writing, the opportunity at the Company's expense to defend the
same.

      5.    ELIGIBILITY. Awards other than Incentive Stock Options may be
granted to Employees, Directors and Consultants. Incentive Stock Options may be
granted only to Employees of the Company or a Parent or a Subsidiary of the
Company. An Employee, Director or Consultant who has been granted an Award may,
if otherwise eligible, be granted additional Awards. Awards may be granted to
such Employees, Directors or Consultants who are residing in non-U.S.
jurisdictions as the Administrator may determine from time to time.

      6.    TERMS AND CONDITIONS OF AWARDS.

            (a)   TYPES OF AWARDS. The Administrator is authorized under the
Plan to award any type of arrangement to an Employee, Director or Consultant
that is not inconsistent with the provisions of the Plan and that by its terms
involves or might involve the issuance of (i) Shares, (ii) cash or (iii) an
Option, a SAR, or similar right with a fixed or variable price related to the
Fair Market Value of the Shares and with an exercise or conversion privilege
related to the passage of time, the occurrence of one or more events, or the
satisfaction of performance criteria or other conditions. Such awards include,
without limitation, Options, SARs, sales or bonuses of Restricted Stock,
Restricted Stock Units or Dividend Equivalent Rights, and an Award may consist
of one such security or benefit, or two (2) or more of them in any combination
or alternative.

            (b)   DESIGNATION OF AWARD. Each Award shall be designated in the
Award Agreement. In the case of an Option, the Option shall be designated as
either an Incentive Stock Option or a Non-Qualified Stock Option. However,
notwithstanding such designation, an Option will qualify as an Incentive Stock
Option under the Code only to the extent the $100,000 dollar limitation of
Section 422(d) of the Code is not exceeded. The $100,000 limitation of Section
422(d) of the Code is calculated based on the aggregate Fair Market Value of the
Shares subject to Options designated as Incentive Stock Options which become
exercisable for the first time by a Grantee during any calendar year (under all
plans of the Company or any Parent or Subsidiary of the Company). For purposes
of this calculation, Incentive Stock Options shall be taken into account in the
order in which they were granted, and the Fair Market Value of the Shares shall
be determined as of the grant date of the relevant Option.

            (c)   CONDITIONS OF AWARD. Subject to the terms of the Plan, the
Administrator shall determine the provisions, terms, and conditions of each
Award including, but not limited to, the Award vesting schedule, repurchase
provisions, rights of first refusal, forfeiture provisions, form of payment
(cash, Shares, or other consideration) upon settlement of the Award, payment

                                       9
<PAGE>

contingencies, and satisfaction of any performance criteria. The performance
criteria established by the Administrator may be based on any one of, or
combination of, the following: (i) increase in share price, (ii) earnings per
share, (iii) total stockholder return, (iv) operating margin, (v) gross margin,
(vi) return on equity, (vii) return on assets, (viii) return on investment, (ix)
operating income, (x) net operating income, (xi) pre-tax profit, (xii) cash
flow, (xiii) revenue, (xiv) expenses, (xv) earnings before interest, taxes and
depreciation, (xvi) economic value added and (xvii) market share. The
performance criteria may be applicable to the Company, Related Entities and/or
any individual business units of the Company or any Related Entity. Partial
achievement of the specified criteria may result in a payment or vesting
corresponding to the degree of achievement as specified in the Award Agreement.

            (d)   ACQUISITIONS AND OTHER TRANSACTIONS. The Administrator may
issue Awards under the Plan in settlement, assumption or substitution for,
outstanding awards or obligations to grant future awards in connection with the
Company or a Related Entity acquiring another entity, an interest in another
entity or an additional interest in a Related Entity whether by merger, stock
purchase, asset purchase or other form of transaction.

            (e)   DEFERRAL OF AWARD PAYMENT. The Administrator may establish one
or more programs under the Plan to permit selected Grantees the opportunity to
elect to defer receipt of consideration upon exercise of an Award, satisfaction
of performance criteria, or other event that absent the election would entitle
the Grantee to payment or receipt of Shares or other consideration under an
Award. The Administrator may establish the election procedures, the timing of
such elections, the mechanisms for payments of, and accrual of interest or other
earnings, if any, on amounts, Shares or other consideration so deferred, and
such other terms, conditions, rules and procedures that the Administrator deems
advisable for the administration of any such deferral program.

            (f)   SEPARATE PROGRAMS. The Administrator may establish one or more
separate programs under the Plan for the purpose of issuing particular forms of
Awards to one or more classes of Grantees on such terms and conditions as
determined by the Administrator from time to time.

            (g)   INDIVIDUAL LIMITATIONS ON AWARDS.

                  (i)   INDIVIDUAL LIMIT FOR OPTIONS AND SARs. The maximum
number of Shares with respect to which Options and SARs may be granted to any
Grantee in any calendar year shall be 1,000,000 Shares. In connection with a
Grantee's commencement of Continuous Service, a Grantee may be granted Options
and SARs for up to an additional 500,000 Shares which shall not count against
the limit set forth in the previous sentence. The foregoing limitations shall be
adjusted proportionately in connection with any change in the Company's
capitalization pursuant to Section 10, below. To the extent required by Section
162(m) of the Code or the regulations thereunder, in applying the foregoing
limitations with respect to a Grantee, if any Option or SAR is canceled, the
canceled Option or SAR shall continue to count against the maximum number of
Shares with respect to which Options and SARs may be granted to the Grantee. For
this purpose, the repricing of an Option (or in the case of a SAR, the base
amount on which the stock appreciation is calculated is reduced to reflect a
reduction in the Fair

                                       10
<PAGE>

Market Value of the Common Stock) shall be treated as the cancellation of the
existing Option or SAR and the grant of a new Option or SAR.

                  (ii)  INDIVIDUAL LIMIT FOR RESTRICTED STOCK AND RESTRICTED
STOCK UNITS. For awards of Restricted Stock and Restricted Stock Units that are
intended to be Performance-Based Compensation, the maximum number of Shares with
respect to which such Awards may be granted to any Grantee in any calendar year
shall be 1,000,000 Shares. The foregoing limitation shall be adjusted
proportionately in connection with any change in the Company's capitalization
pursuant to Section 10, below.

                  (iii) DEFERRAL. If the vesting or receipt of Shares under an
Award is deferred to a later date, any amount (whether denominated in Shares or
cash) paid in addition to the original number of Shares subject to such Award
will not be treated as an increase in the number of Shares subject to the Award
if the additional amount is based either on a reasonable rate of interest or on
one or more predetermined actual investments such that the amount payable by the
Company at the later date will be based on the actual rate of return of a
specific investment (including any decrease as well as any increase in the value
of an investment).

            (h)   EARLY EXERCISE. The Award Agreement may, but need not, include
a provision whereby the Grantee may elect at any time while an Employee,
Director or Consultant to exercise any part or all of the Award prior to full
vesting of the Award. Any unvested Shares received pursuant to such exercise may
be subject to a repurchase right in favor of the Company or a Related Entity or
to any other restriction the Administrator determines to be appropriate.

            (i)   TERM OF AWARD. The term of each Award shall be the term stated
in the Award Agreement, provided, however, that the term of an Award shall be no
more than ten (10) years from the date of grant thereof. However, in the case of
an Incentive Stock Option granted to a Grantee who, at the time the Option is
granted, owns stock representing more than ten percent (10%) of the voting power
of all classes of stock of the Company or any Parent or Subsidiary of the
Company, the term of the Incentive Stock Option shall be five (5) years from the
date of grant thereof or such shorter term as may be provided in the Award
Agreement. Notwithstanding the foregoing, the specified term of any Award shall
not include any period for which the Grantee has elected to defer the receipt of
the Shares or cash issuable pursuant to the Award.

            (j)   TRANSFERABILITY OF AWARDS. Incentive Stock Options may not be
sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner
other than by will or by the laws of descent or distribution and may be
exercised, during the lifetime of the Grantee, only by the Grantee. Other Awards
shall be transferable (i) by will and by the laws of descent and distribution
and (ii) during the lifetime of the Grantee, to the extent and in the manner
authorized by the Administrator by gift or pursuant to a domestic relations
order to members of the Grantee's Immediate Family. Notwithstanding the
foregoing, the Grantee may designate one or more beneficiaries of the Grantee's
Award in the event of the Grantee's death on a beneficiary designation form
provided by the Administrator.

                                       11
<PAGE>

            (k)   TIME OF GRANTING AWARDS. The date of grant of an Award shall
for all purposes be the date on which the Administrator makes the determination
to grant such Award, or such other later date as is determined by the
Administrator.

      7.    AWARD EXERCISE OR PURCHASE PRICE, CONSIDERATION AND TAXES.

            (a)   EXERCISE OR PURCHASE PRICE. The exercise or purchase price, if
any, for an Award shall be as follows:

                  (i)   In the case of an Incentive Stock Option:

                        (A)   granted to an Employee who, at the time of the
grant of such Incentive Stock Option owns stock representing more than ten
percent (10%) of the voting power of all classes of stock of the Company or any
Parent or Subsidiary of the Company, the per Share exercise price shall be not
less than one hundred ten percent (110%) of the Fair Market Value per Share on
the date of grant; or

                        (B)   granted to any Employee other than an Employee
described in the preceding paragraph, the per Share exercise price shall be not
less than one hundred percent (100%) of the Fair Market Value per Share on the
date of grant.

                  (ii)  In the case of a Non-Qualified Stock Option:

                        (A)   granted to a person who, at the time of the grant
of such Option, owns stock representing more than ten percent (10%) of the
voting power of all classes of stock of the Company or any Parent or Subsidiary
of the Company, the per Share exercise price shall be not less than one hundred
ten percent (110%) of the Fair Market Value per Share on the date of grant; or

                        (B)   granted to any person other than a person
described in the preceding paragraph, the per Share exercise price shall be not
less than one-hundred percent (100%) of the Fair Market Value per Share on the
date of grant.

                  (iii) In the case of SARs, the base appreciation amount shall
be not less than one hundred percent (100%) of the Fair Market Value per Share
on the date of grant.

                  (iv)  In the case of Awards intended to qualify as
Performance-Based Compensation, the exercise or purchase price, if any, shall be
not less than one hundred percent (100%) of the Fair Market Value per Share on
the date of grant.

                  (v)   In the case of other Awards, such price as is determined
by the Administrator.

                  (vi)  Notwithstanding the foregoing provisions of this Section
7(a), in the case of an Award issued pursuant to Section 6(d), above, the
exercise or purchase price for the Award shall be determined in accordance with
the provisions of the relevant instrument evidencing the agreement to issue such
Award.

                                       12
<PAGE>

            (b)   CONSIDERATION. Subject to Applicable Laws, the consideration
to be paid for the Shares to be issued upon exercise or purchase of an Award
including the method of payment, shall be determined by the Administrator. In
addition to any other types of consideration the Administrator may determine,
the Administrator is authorized to accept as consideration for Shares issued
under the Plan the following, provided that the portion of the consideration
equal to the par value of the Shares must be paid in cash or other legal
consideration permitted by the Delaware General Corporation Law:

                  (i)   cash;

                  (ii)  check;

                  (iii) surrender of Shares or delivery of a properly executed
form of attestation of ownership of Shares as the Administrator may require
which have a Fair Market Value on the date of surrender or attestation equal to
the aggregate exercise price of the Shares as to which said Award shall be
exercised, provided, however, that Shares acquired under the Plan or any other
equity compensation plan or agreement of the Company must have been held by the
Grantee for a period of more than six (6) months (and not used for another Award
exercise by attestation during such period);

                  (iv)  with respect to Options, payment through a broker-dealer
sale and remittance procedure pursuant to which the Grantee (A) shall provide
written instructions to a Company designated brokerage firm to effect the
immediate sale of some or all of the purchased Shares and remit to the Company
sufficient funds to cover the aggregate exercise price payable for the purchased
Shares and (B) shall provide written directives to the Company to deliver the
certificates for the purchased Shares directly to such brokerage firm in order
to complete the sale transaction; or

                  (v)   any combination of the foregoing methods of payment.

The Administrator may at any time or from time to time, by adoption of or by
amendment to the standard forms of Award Agreement described in Section
4(b)(iv), or by other means, grant Awards which do not permit all of the
foregoing forms of consideration to be used in payment for the Shares or which
otherwise restrict one or more forms of consideration.

            (c)   TAXES. No Shares shall be delivered under the Plan to any
Grantee or other person until such Grantee or other person has made arrangements
acceptable to the Administrator for the satisfaction of any non-U.S., federal,
state, or local income and employment tax withholding obligations, including,
without limitation, obligations incident to the receipt of Shares. Upon exercise
or vesting of an Award the Company shall withhold or collect from Grantee an
amount sufficient to satisfy such tax obligations, including, but not limited
to, by surrender of the whole number of Shares covered by the Award sufficient
to satisfy the minimum applicable tax withholding obligations incident to the
exercise or vesting of an Award.

                                       13
<PAGE>

      8.    EXERCISE OF AWARD.

            (a)   PROCEDURE FOR EXERCISE; RIGHTS AS A SHAREHOLDER.

                  (i)   Any Award granted hereunder shall be exercisable at such
times and under such conditions as determined by the Administrator under the
terms of the Plan and specified in the Award Agreement but in the case of an
Option, in no case at a rate of less than twenty percent (20%) per year over
five (5) years from the date the Option is granted, subject to reasonable
conditions such as continued employment. Notwithstanding the foregoing, in the
case of an Option granted to an Officer, Director or Consultant, the Award
Agreement may provide that the Option may become exercisable, subject to
reasonable conditions such as such Officer's, Director's or Consultant's
Continuous Service, at any time or during any period established in the Award
Agreement.

                  (ii)  An Award shall be deemed to be exercised when notice of
such exercise has been given to the Company in accordance with the terms of the
Award by the person entitled to exercise the Award and full payment for the
Shares with respect to which the Award is exercised has been made, including, to
the extent selected, use of the broker-dealer sale and remittance procedure to
pay the purchase price as provided in Section 7(b)(iv).

            (b)   EXERCISE OF AWARD FOLLOWING TERMINATION OF CONTINUOUS SERVICE.
In the event of termination of a Grantee's Continuous Service for any reason
other than Disability or death (but not in the event of a Grantee's change of
status from Employee to Consultant or from Consultant to Employee), such Grantee
may, but only during the Post-Termination Exercise Period (but in no event later
than the expiration date of the term of such Award as set forth in the Award
Agreement), exercise the portion of the Grantee's Award that was vested at the
date of such termination or such other portion of the Grantee's Award as may be
determined by the Administrator. The Grantee's Award Agreement may provide that
upon the termination of the Grantee's Continuous Service for Cause, the
Grantee's right to exercise the Award shall terminate concurrently with the
termination of Grantee's Continuous Service. In the event of a Grantee's change
of status from Employee to Consultant, an Employee's Incentive Stock Option
shall convert automatically to a Non-Qualified Stock Option on the day three (3)
months and one day following such change of status. To the extent that the
Grantee's Award was unvested at the date of termination, or if the Grantee does
not exercise the vested portion of the Grantee's Award within the
Post-Termination Exercise Period, the Award shall terminate.

            (c)   DISABILITY OF GRANTEE. In the event of termination of a
Grantee's Continuous Service as a result of his or her Disability, such Grantee
may, but only within twelve (12) months from the date of such termination (or
such longer period as specified in the Award Agreement but in no event later
than the expiration date of the term of such Award as set forth in the Award
Agreement), exercise the portion of the Grantee's Award that was vested at the
date of such termination; provided, however, that if such Disability is not a
"disability" as such term is defined in Section 22(e)(3) of the Code, in the
case of an Incentive Stock Option such Incentive Stock Option shall
automatically convert to a Non-Qualified Stock Option on the day three (3)
months and one day following such termination. To the extent that the Grantee's
Award was unvested at the date of termination, or if Grantee does not exercise
the vested portion of the Grantee's Award within the time specified herein, the
Award shall terminate.

                                       14
<PAGE>

            (d)   DEATH OF GRANTEE. In the event of a termination of the
Grantee's Continuous Service as a result of his or her death, or in the event of
the death of the Grantee during the Post-Termination Exercise Period or during
the twelve (12) month period following the Grantee's termination of Continuous
Service as a result of his or her Disability, the Grantee's estate or a person
who acquired the right to exercise the Award by bequest or inheritance may
exercise the portion of the Grantee's Award that was vested as of the date of
termination, within twelve (12) months from the date of death (or such longer
period as specified in the Award Agreement but in no event later than the
expiration of the term of such Award as set forth in the Award Agreement). To
the extent that, at the time of death, the Grantee's Award was unvested, or if
the Grantee's estate or a person who acquired the right to exercise the Award by
bequest or inheritance does not exercise the vested portion of the Grantee's
Award within the time specified herein, the Award shall terminate.

            (e)   EXTENSION IF EXERCISE PREVENTED BY LAW. Notwithstanding the
foregoing, if the exercise of an Award within the applicable time periods set
forth in this Section 8 is prevented by the provisions of Section 9 below, the
Award shall remain exercisable until one (1) month after the date the Grantee is
notified by the Company that the Award is exercisable, but in any event no later
than the expiration of the term of such Award as set forth in the Award
Agreement.

      9.    CONDITIONS UPON ISSUANCE OF SHARES.

            (a)   Shares shall not be issued pursuant to the exercise of an
Award unless the exercise of such Award and the issuance and delivery of such
Shares pursuant thereto shall comply with all Applicable Laws, and shall be
further subject to the approval of counsel for the Company with respect to such
compliance.

            (b)   As a condition to the exercise of an Award, the Company may
require the person exercising such Award to represent and warrant at the time of
any such exercise that the Shares are being purchased only for investment and
without any present intention to sell or distribute such Shares if, in the
opinion of counsel for the Company, such a representation is required by any
Applicable Laws.

      10.   ADJUSTMENTS UPON CHANGES IN CAPITALIZATION. Subject to any required
action by the stockholders of the Company, the number of Shares covered by each
outstanding Award, and the number of Shares which have been authorized for
issuance under the Plan but as to which no Awards have yet been granted or which
have been returned to the Plan, the exercise or purchase price of each such
outstanding Award, the maximum number of Shares with respect to which Awards may
be granted to any Grantee in any calendar year, as well as any other terms that
the Administrator determines require adjustment shall be proportionately
adjusted for (i) any increase or decrease in the number of issued Shares
resulting from a stock split, reverse stock split, stock dividend, combination
or reclassification of the Shares, or similar transaction affecting the Shares,
(ii) any other increase or decrease in the number of issued Shares effected
without receipt of consideration by the Company, or (iii) as the Administrator
may determine in its discretion, any other transaction with respect to Common
Stock including a corporate merger, consolidation, acquisition of property or
stock, separation (including a spin-off or other distribution of stock or
property), reorganization, liquidation (whether partial or complete) or any

                                       15
<PAGE>

similar transaction; provided, however that conversion of any convertible
securities of the Company shall not be deemed to have been "effected without
receipt of consideration." In the event of any distribution of cash or other
assets to stockholders other than a normal cash dividend, the Administrator may
also, in its discretion, make adjustments in connection with the events
described in (i)-(iii) of this Section 10 or substitute, exchange or grant
Awards with respect to the shares of a Related Entity (collectively
"adjustments"). In determining adjustments to be made under this Section 10, the
Administrator may take into account such factors as it deems appropriate,
including (x) the restrictions of Applicable Law, (y) the potential tax,
accounting or other consequences of an adjustment and (z) the possibility that
some Grantees might receive an adjustment and a distribution or other unintended
benefit, and in light of such factors or circumstances may make adjustments that
are not uniform or proportionate among outstanding Awards, modify vesting dates,
defer the delivery of stock certificates or make other equitable adjustments.
Any such adjustments to outstanding Awards will be effected in a manner that
precludes the material enlargement of rights and benefits under such Awards.
Adjustments, if any, and any determinations or interpretations, including any
determination of whether a distribution is other than a normal cash dividend,
shall be made by the Administrator and its determination shall be final, binding
and conclusive. In connection with the foregoing adjustments, the Administrator
may, in its discretion, prohibit the exercise of Awards during certain periods
of time. Except as the Administrator determines, no issuance by the Company of
shares of any class, or securities convertible into shares of any class, shall
affect, and no adjustment by reason hereof shall be made with respect to, the
number or price of Shares subject to an Award.

      11.   CORPORATE TRANSACTIONS AND CHANGES IN CONTROL.

            (a)   TERMINATION OF AWARD TO EXTENT NOT ASSUMED IN CORPORATE
TRANSACTION. Effective upon the consummation of a Corporate Transaction, all
outstanding Awards under the Plan shall terminate. However, all such Awards
shall not terminate to the extent they are Assumed in connection with the
Corporate Transaction.

            (b)   ACCELERATION OF AWARD UPON CORPORATE TRANSACTION OR CHANGE IN
CONTROL.

                  (i)   CORPORATE TRANSACTION. Except as provided otherwise in
an individual Award Agreement, in the event of a Corporate Transaction, for the
portion of each Award that is neither Assumed nor Replaced, such portion of the
Award shall automatically become fully vested and exercisable and be released
from any repurchase or forfeiture rights (other than repurchase rights
exercisable at Fair Market Value) for all of the Shares at the time represented
by such portion of the Award, immediately prior to the specified effective date
of such Corporate Transaction, provided that the Grantee's Continuous Service
has not terminated prior to such date.

                  (ii)  CHANGE IN CONTROL. Except as provided otherwise in an
individual Award Agreement, in the event of a Change in Control (other than a
Change in Control which also is a Corporate Transaction), each Award which is at
the time outstanding under the Plan automatically shall become fully vested and
exercisable and be released from any repurchase or forfeiture rights (other than
repurchase rights exercisable at Fair Market Value), immediately prior to the
specified effective date of such Change in Control, for all of the Shares at the
time

                                       16
<PAGE>

represented by such Award, provided that the Grantee's Continuous Service has
not terminated prior to such date.

            (c)   EFFECT OF ACCELERATION ON INCENTIVE STOCK OPTIONS. Any
Incentive Stock Option accelerated under this Section 11 in connection with a
Corporate Transaction or Change in Control shall remain exercisable as an
Incentive Stock Option under the Code only to the extent the $100,000 dollar
limitation of Section 422(d) of the Code is not exceeded.

      12.   EFFECTIVE DATE AND TERM OF PLAN. The Plan shall become effective
upon the earlier to occur of its adoption by the Board or its approval by the
stockholders of the Company. It shall continue in effect for a term of ten (10)
years unless sooner terminated. Subject to Section 17, below, and Applicable
Laws, Awards may be granted under the Plan upon its becoming effective.

      13.   AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN.

            (a)   The Board may at any time amend, suspend or terminate the
Plan; provided, however, that no such amendment shall be made without the
approval of the Company's stockholders to the extent such approval is required
by Applicable Laws.

            (b)   No Award may be granted during any suspension of the Plan or
after termination of the Plan.

            (c)   No suspension or termination of the Plan (including
termination of the Plan under Section 12, above) shall adversely affect any
rights under Awards already granted to a Grantee.

      14.   RESERVATION OF SHARES.

            (a)   The Company, during the term of the Plan, will at all times
reserve and keep available such number of Shares as shall be sufficient to
satisfy the requirements of the Plan.

            (b)   The inability of the Company to obtain authority from any
regulatory body having jurisdiction, which authority is deemed by the Company's
counsel to be necessary to the lawful issuance and sale of any Shares hereunder,
shall relieve the Company of any liability in respect of the failure to issue or
sell such Shares as to which such requisite authority shall not have been
obtained.

      15.   NO EFFECT ON TERMS OF EMPLOYMENT/CONSULTING RELATIONSHIP. The Plan
shall not confer upon any Grantee any right with respect to the Grantee's
Continuous Service, nor shall it interfere in any way with his or her right or
the right of the Company or any Related Entity to terminate the Grantee's
Continuous Service at any time, with or without Cause, and with or without
notice. The ability of the Company or any Related Entity to terminate the
employment of a Grantee who is employed at will is in no way affected by its
determination that the Grantee's Continuous Service has been terminated for
Cause for the purposes of this Plan.

                                       17
<PAGE>

      16.   NO EFFECT ON RETIREMENT AND OTHER BENEFIT PLANS. Except as
specifically provided in a retirement or other benefit plan of the Company or a
Related Entity, Awards shall not be deemed compensation for purposes of
computing benefits or contributions under any retirement plan of the Company or
a Related Entity, and shall not affect any benefits under any other benefit plan
of any kind or any benefit plan subsequently instituted under which the
availability or amount of benefits is related to level of compensation. The Plan
is not a "Retirement Plan" or "Welfare Plan" under the Employee Retirement
Income Security Act of 1974, as amended.

      17.   STOCKHOLDER APPROVAL. The grant of Awards under the Plan shall be
subject to approval of the Plan by the stockholders of the Company within twelve
(12) months before or after the date the Plan is adopted by the Board. Such
stockholder approval shall be obtained in the degree and manner required under
Applicable Laws. The Administrator may grant Awards under the Plan subject to
approval of the Plan by the stockholders. In the event that stockholder approval
of the Plan is not obtained within the twelve (12) month period provided above,
all Awards previously granted under the Plan shall be rescinded and be of no
force or effect.

      18.   INFORMATION TO GRANTEES. The Company shall provide to each Grantee,
during the period for which such Grantee has one or more Awards outstanding,
copies of financial statements at least annually. The Company shall not be
required to provide such information to persons whose duties in connection with
the Company assure them access to equivalent information.

      19.   UNFUNDED OBLIGATION. Grantees shall have the status of general
unsecured creditors of the Company. Any amounts payable to Grantees pursuant to
the Plan shall be unfunded and unsecured obligations for all purposes,
including, without limitation, Title I of the Employee Retirement Income
Security Act of 1974, as amended. Neither the Company nor any Related Entity
shall be required to segregate any monies from its general funds, or to create
any trusts, or establish any special accounts with respect to such obligations.
The Company shall retain at all times beneficial ownership of any investments,
including trust investments, which the Company may make to fulfill its payment
obligations hereunder. Any investments or the creation or maintenance of any
trust or any Grantee account shall not create or constitute a trust or fiduciary
relationship between the Administrator, the Company or any Related Entity and a
Grantee, or otherwise create any vested or beneficial interest in any Grantee or
the Grantee's creditors in any assets of the Company or a Related Entity. The
Grantees shall have no claim against the Company or any Related Entity for any
changes in the value of any assets that may be invested or reinvested by the
Company with respect to the Plan.

      20.   CONSTRUCTION. Captions and titles contained herein are for
convenience only and shall not affect the meaning or interpretation of any
provision of the Plan. Except when otherwise indicated by the context, the
singular shall include the plural and the plural shall include the singular. Use
of the term "or" is not intended to be exclusive, unless the context clearly
requires otherwise.

                                       18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}]]