SERIES SUPPLEMENT
CORPORATE BACKED TRUST CERTIFICATES
SERIES 2001-15 TRUST
between
XXXXXX ABS CORPORATION,
as Depositor
and
U.S. BANK TRUST NATIONAL ASSOCIATION,
as Trustee
CORPORATE BACKED TRUST CERTIFICATES
Dated as of April 30, 2001
Table of Contents
Page
Section 1. Incorporation of Standard Terms................................2
Section 2. Definitions....................................................2
Section 3. Designation of Trust and Certificates..........................8
Section 4. Trust Certificates.............................................9
Section 5. Distributions..................................................9
Section 6. Trustee's Fees................................................11
Section 7. Optional Exchange; Optional Redemption........................11
Section 8. Events of Default.............................................14
Section 9. Miscellaneous.................................................14
Section 10. Governing Law.................................................16
Section 11. Counterparts..................................................17
Section 12. Termination of the Trust......................................17
Section 13. Sale of Underlying Securities.................................17
Section 14. Amendments....................................................17
Section 15. Voting of Underlying Securities, Modification of Indenture....17
SCHEDULE I SERIES 2001-15 UNDERLYING SECURITIES SCHEDULE
SCHEDULE II CLASS A-2 CERTIFICATE CALL SCHEDULE
EXHIBIT A-1 FORM OF TRUST CERTIFICATE CLASS A-1
EXHIBIT A-2 FORM OF TRUST CERTIFICATE CLASS A-2
EXHIBIT B FORM OF WARRANT AGENT AGREEMENT
EXHIBIT C FORM OF INVESTMENT LETTER
SERIES SUPPLEMENT
CORPORATE BACKED TRUST CERTIFICATES
Series 2001-15 TRUST
SERIES SUPPLEMENT, Series 2001-15, dated as of April 30,
2001 (the "Series Supplement"), by and between XXXXXX ABS CORPORATION, as
Depositor (the "Depositor"), and U.S. BANK TRUST NATIONAL ASSOCIATION, as
Trustee (the "Trustee").
W I T N E S S E T H:
WHEREAS, the Depositor desires to create the Trust
designated herein (the "Trust") by executing and delivering this Series
Supplement, which shall incorporate the terms of the Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"; together with
this Series Supplement, the "Trust Agreement"), by and between the Depositor
and the Trustee, as modified by this Series Supplement;
WHEREAS, the Depositor desires to deposit into the Trust the
Underlying Securities set forth on Schedule I attached hereto (the "Underlying
Securities Schedule"), the general terms of which are described in the
Prospectus Supplement under the heading "Description of the Deposited
Assets--Underlying Securities;"
WHEREAS, in connection with the creation of the Trust and
the deposit therein of the Underlying Securities, it is desired to provide for
the issuance of trust certificates (the "Certificates") evidencing undivided
interests in the Trust; and
WHEREAS, the Trustee has joined in the execution of the
Standard Terms and this Series Supplement to evidence the acceptance by the
Trustee of the Trust;
NOW, THEREFORE, in consideration of the foregoing premises
and the mutual covenants expressed herein, it is hereby agreed by and between
the Depositor and the Trustee as follows:
Section 1. Incorporation of Standard Terms. Except as otherwise
provided herein, all of the provisions of the Standard Terms are hereby
incorporated herein by reference in their entirety, and this Series Supplement
and the Standard Terms shall form a single agreement between the parties. In
the event of any inconsistency between the provisions of this Series
Supplement and the provisions of the Standard Terms, the provisions of this
Series Supplement will control with respect to the Series 2001-15 Certificates
and the transactions described herein.
Section 2. Definitions. (a) Except as otherwise specified herein or
as the context may otherwise require, the following terms shall have the
respective meanings set forth below for all purposes under this Series
Supplement. (Section 2(b) below sets forth terms listed in the Standard Terms
which are not applicable to this Series.) Capitalized terms used but not
defined herein shall have the meanings assigned to them in the Standard Terms.
"Available Funds" shall have the meaning specified in the
Standard Terms, except that investment income earned on funds invested
pursuant to Section 3.05 of the Standard Terms shall be included in Available
Funds.
"Business Day" shall mean any day other than (i) Saturday
and Sunday or (ii) a day on which banking institutions in New York City, New
York are authorized or obligated by law or executive order to be closed for
business or (iii) a day that is not a business day for the purposes of the
Underlying Securities Trust Agreement.
"Call Date" shall mean any Business Day on or after April
30, 2006, or after the announcement of any redemption or other unscheduled
payment or sale of the Underlying Securities on which the Call Warrants are
exercised and the proceeds of an Optional Call are distributed to holders of
the Certificates pursuant to Section 7 hereof.
"Call Price" shall mean, for each related Call Date, (i) in
the case of the Class A-1 Certificates, the par value of the Class A-1
Certificates being purchased pursuant to the exercise of the Call Warrants,
plus any accrued and unpaid interest on such amount (including any deferred
distributions with interest thereon) to but excluding the Call Date and (ii)
in the case of the Class A-2 Certificates, any accrued and unpaid interest on
the notional amount of the Class A-2 Certificates being purchased pursuant to
the exercise of the Call Warrants to but excluding the Call Date, plus the
additional amount (or portion thereof, in the case of a partial call) set
forth under the heading "Value" in Schedule II hereof for such Call Date or,
if such Call Date is not a Distribution Date, the immediately following
Distribution Date.
"Call Request" shall have the meaning specified in Section
7(b) hereof.
"Call Warrants" shall have the meaning specified in Section
3 hereof.
"Certificate Account" shall have the meaning specified in
the Standard Terms.
"Certificates" shall have the meaning specified in Section 3
hereof.
"Class A-1 Allocation" means the sum of the present values
(discounted at the rate of 7.20% per annum) of (i) any unpaid interest due or
to become due on the Class A-1 Certificates and (ii) the outstanding principal
amount of the Certificates (in each case assuming that the Class A-1
Certificates were paid when due and were not redeemed prior to their stated
maturity).
"Class A-2 Allocation" means the present value (discounted
at the rate of 7.20% per annum) of any unpaid amounts due or to become due on
the Class A-2 Certificates (assuming that the Class A-2 Certificates were paid
when due and were not redeemed prior to their stated maturity).
"Class A-1 Certificates" shall mean the Certificates, in the
form attached hereto as Exhibit A-1, to be issued by the Trust representing a
proportionate undivided beneficial ownership interest in certain distributions
to be made by the Trust and having the characteristics described herein and in
the Certificates.
"Class A-2 Certificates" shall mean the Certificates, in the
form attached hereto as Exhibit A-2, to be issued by the Trust representing a
proportionate undivided beneficial ownership interest in certain distributions
to be made by the Trust and having the characteristics described herein and in
the Certificates.
"Closing Date" shall mean April 30, 2001.
"Collection Period" shall mean, (i) with respect to each
January Distribution Date, the period beginning on the day after the July
Distribution Date and ending on such January Distribution Date, inclusive and,
(ii) with respect to each July Distribution Date, the period beginning on the
day after the January Distribution Date of a given year and ending on the July
Distribution Date of the following year, inclusive; provided, however, that
clauses (i) and (ii) shall be subject to Section 9(f) hereof.
"Corporate Trust Office" shall mean the office of U.S. Bank
Trust National Association located at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx
00000.
"Currency" shall mean United States Dollars.
"Deferral Period" shall have the meaning specified in
Section 5(b) hereof.
"Depository" shall mean The Depository Trust Company.
"Distribution Date" shall mean January 15 and July 15 of
each year (or if such date is not a Business Day, the next succeeding Business
Day), commencing on July 15, 2001 and ending on the earlier of the Final
Scheduled Distribution Date and any date on which Underlying Securities are
redeemed pursuant to the Underlying Securities Trust Agreement.
"Eligible Account" shall have the meaning specified in the
Standard Terms.
"Eligible Investments" shall be as defined in the Standard
Terms; provided, however, that (i) the minimum required rating for long-term
instruments will be equal to the rating of the Underlying Securities, and (ii)
the rating of any short-term instruments will be A-1+ by S&P and P1 by
Moody's; and provided, further, that any such investment matures no later than
the Business Day prior to any related Distribution Date and that any such
investment be denominated in U.S. dollars.
"Event of Default" shall mean (i) a default in the payment
of any interest on any Underlying Security after the same becomes due and
payable (subject to any permitted deferrals and applicable grace period), (ii)
a default in the payment of the principal of or any installment of principal
of any Underlying Security when the same becomes due and payable, and (iii)
any other event specified as an "Event of Default" in the Underlying
Securities Trust Agreement for the Underlying Securities.
"Exchange Act" shall mean the Securities and Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder.
"Extraordinary Trust Expenses" shall have the meaning
specified in the Standard Terms.
"Final Scheduled Distribution Date" shall mean January 15,
2027.
"Interest Accrual Period" shall mean for any Distribution
Date, the period from and including the preceding Distribution Date (or in the
case of the first Interest Accrual Period, from and including April 30, 2001)
to but excluding the current Distribution Date.
"Liquidation Price" shall mean the price at which the
Trustee sells the Underlying Securities.
"Liquidation Proceeds" shall have the meaning specified in
the Standard Terms.
"Maturity Date" shall have the meaning specified in Schedule
I hereto.
"Moody's" shall mean Xxxxx'x Investors Service, Inc.
"Optional Call" shall mean the call of the Certificates by
the Warrant Holder, in whole or in part, resulting from the exercise of Call
Warrants by the Warrant Holder, pursuant to Section 7 hereof.
"Optional Exchange" shall mean the exchange of the
Certificates by the Trust for the Underlying Securities, pursuant to Section 7
hereof.
"Optional Exchange Date" shall mean any Distribution Date on
which Underlying Securities subject to Optional Exchange are distributed to
the Depositor or any of its Affiliates, as a Certificateholder.
"Ordinary Expenses" shall mean the Trustee's ordinary
expenses and overhead in connection with its services as Trustee, including
the items referred to in the definition of Ordinary Expenses in the Standard
Terms.
"Prepaid Ordinary Expenses" shall be zero for this Series.
"Prospectus Supplement" shall mean the Prospectus
Supplement, dated April 19, 2001, relating to the Certificates.
"Purchase Default" shall have the meaning specified in
Section 7(b)(vi) hereof.
"Purchaser" shall have the meaning specified in Section
7(b)(vi) hereof.
"Rating Agency" shall mean Moody's and S&P.
"Rating Agency Condition" shall have the meaning specified
in the Standard Terms.
"Record Date" shall mean, with respect to each Distribution
Date, the day immediately preceding the related Distribution Date.
"Required Interest" shall have the meaning specified in the
Standard Terms.
"Required Percentage-Amendment" shall be 66-2/3% of the
aggregate Voting Rights.
"Required Percentage-Direction of Trustee" shall be 66-2/3%
of the aggregate Voting Rights.
"Required Percentage-Remedies" shall be 66-2/3% of the
aggregate Voting Rights.
"Required Percentage-Removal" shall be 66-2/3% of the
aggregate Voting Rights.
"Required Rating" shall mean, in the case of Moody's, the
rating assigned to the Underlying Securities by Moody's as of the Closing
Date, and, in the case of S&P, the rating assigned to the Underlying
Securities by S&P as of the Closing Date.
"S&P" shall mean Standard & Poor's Ratings Services, a
division of The McGraw Hill Companies Inc.
"Series" shall mean Series 2001-15.
"Trustee Fee" shall mean the amount paid to the Trustee by
the Depositor on the Closing Date.
"Trust Property" shall mean the Underlying Securities
described on Schedule I hereto and the Certificate Account.
"Underlying Securities" shall mean $76,499,000 aggregate
principal amount of 7.54% Cumulative Capital Securities due January 15, 2027
issued by the Underlying Securities Issuer, as set forth in Schedule I
attached hereto (subject to Section 3(d) hereof).
"Underlying Securities Issuer" shall mean JPM Capital Trust I.
"Underlying Securities Trust Agreement" shall mean the trust
agreement pursuant to which the Underlying Securities were issued.
"Underlying Securities Trustee" shall mean U.S. Bank Trust
National Association.
"Underwriters" shall mean Xxxxxx Brothers Inc., an affiliate
of the Depositor, Prudential Securities Incorporated, X.X. Xxxxxxx & Sons,
Inc., Xxxxxx Xxxxxxxxxx Xxxxx LLC and HSBC Securities (USA) Inc.
"Voting Rights" shall, in the entirety, unless otherwise set
forth herein, be allocated among all Class A-1 Certificateholders in
proportion to the then unpaid principal amounts of their respective
Certificates. The Class A-2 Certificateholders will have no Voting Rights.
"Warrant Agent" shall mean initially, U.S. Bank Trust
National Association.
"Warrant Agent Agreement" shall mean that certain Warrant
Agent Agreement, dated as of the date hereof, between the Depositor and U.S.
Bank Trust National Association, as Warrant Agent and as Trustee, as the same
may be amended from time to time.
"Warrant Holder" shall mean the holder of a Call Warrant.
(b) The terms listed below are not applicable to this
Series.
"Accounting Date"
"Administrative Fees"
"Advance"
"Allowable Expense Amounts"
"Basic Documents"
"Calculation Agent"
"Call Premium Percentage"
"Credit Support"
"Credit Support Instrument"
"Credit Support Provider"
"Cut-off Date"
"Eligible Expense"
"Exchange Rate Agent"
"Fixed Pass-Through Rate"
"Floating Pass-Through Rate"
"Guaranteed Investment Contract"
"Letter of Credit"
"Limited Guarantor"
"Limited Guaranty"
"Minimum Wire Denomination"
"Notional Amount"
"Pass-Through Rate"
"Place of Distribution"
"Purchase Price"
"Required Premium"
"Required Principal"
"Requisite Reserve Amount"
"Retained Interest"
"Sale Procedures"
"Sub-Administration Account"
"Sub-Administration Agreement"
"Sub-Administration Agent"
"Surety Bond"
"Swap Agreement"
"Swap Counterparty"
"Swap Distribution Amount"
"Swap Guarantee"
"Swap Guarantor"
"Swap Receipt Amount"
"Swap Termination Payment"
Section 3. Designation of Trust and Certificates. The Trust created
hereby shall be known as the "Corporate-Backed Trust Certificates, Series
2001-15 Trust." The Certificates evidencing certain undivided ownership
interests therein shall be known as "Corporate Backed Trust Certificates,
Series 2001-15." The Certificates shall consist of the Class A-1 Certificates
and the Class A-2 Certificates (together, the "Certificates"). The Trust is
also issuing call options with respect to the Certificates ("Call Warrants").
(a) The Certificates shall be held through the Depository in
book-entry form and shall be substantially in the forms attached hereto as
Exhibits A-1 and A-2. The Class A-1 Certificates shall be issued in
denominations of $25. The Class A-2 Certificates shall be issued in minimum
notional denominations of $1,000 and integral multiples of $1 in excess
thereof. Except as provided in the Standard Terms and in paragraph (d) in this
Section, the Trust shall not issue additional Certificates or incur any
indebtedness.
(b) The Class A-1 Certificates have an initial aggregate
Certificate Principal Amount of $76,499,000. The Class A-2 Certificates are
interest-only Certificates, and have a principal amount equal to the
Certificate Principal Amount of the Class A-1 Certificates.
(c) The holders of the Class A-1 Certificates will be
entitled to receive on each Distribution Date the interest, if any, received
on the Underlying Securities, to the extent necessary to pay interest at a
rate of 7.20% per annum on the outstanding Certificate Principal Amount of the
Class A-1 Certificates. The holders of the Class A-2 Certificates will be
entitled to receive on each Distribution Date the interest, if any, received
on the Underlying Securities, to the extent necessary to pay interest at a
rate of 0.34% per annum on the outstanding notional principal amount of the
Class A-2 Certificates. On July 15, 2001, the Trustee will pay to the
Depositor the amount of interest accrued and paid on the Underlying Securities
from January 15, 2001 to but not including the Closing Date. If Available
Funds are insufficient to pay such amount, the Trustee will pay the Depositor
its pro rata share, based on the ratio the amount owed to the Depositor bears
to all amounts owed on the Class A-1 Certificates and Class A-2 Certificates
in respect of accrued interest, of any proceeds from the recovery on the
Underlying Securities.
(d) The Depositor may sell to the Trustee additional
Underlying Securities on any date hereafter upon at least 3 Business Days
notice to the Trustee and upon (i) satisfaction of the Rating Agency Condition
and (ii) delivery of an Opinion of Counsel to the effect that the sale of such
additional Underlying Securities will not materially increase the likelihood
that the Trust would fail to qualify as a grantor trust under the Code. Upon
such sale to the Trustee, the Trustee shall deposit such additional Underlying
Securities in the Certificate Account, and shall authenticate and deliver to
the Depositor, or its order, Class A-1 Certificates in a Certificate Principal
Amount, and Class A-2 Certificates in a notional principal amount, equal to
the principal amount of such additional Underlying Securities, and the Call
Warrants related thereto. Any such additional Certificates authenticated and
delivered shall have the same terms and rank pari passu with the corresponding
classes of Certificates previously issued in accordance with this Series
Supplement.
(e) As a condition precedent for transferring the Call
Warrants, the prospective transferee shall be required to deliver to the
Trustee and the Depositor an executed copy of the Investment Letter (set forth
in Exhibit C hereto.)
Section 4. Trust Certificates. The Trustee hereby acknowledges
receipt, on or prior to the Closing Date, of:
(i) the Underlying Securities set forth on the Underlying
Securities Schedule; and
(ii) all documents required to be delivered to the Trustee
pursuant to Section 2.01 of the Standard Terms.
Section 5. Distributions. (a) On each applicable Distribution Date,
the Trustee shall apply Available Funds in the Certificate Account as follows
in the following order of priority:
(i) the Trustee will pay the interest portion of
Available Funds (subject to Section 5(c) and Section
5(d) below):
(a) first, to the Trustee, as reimbursement for any
Extraordinary Trust Expenses incurred by the Trustee
in accordance with Section 6(b) below and approved by
100% of the Certificateholders; and
(b) second, to the holders of the Class A-1
Certificates and the holders of the Class A-2
Certificates, interest accrued and unpaid on each
such Class pro rata in proportion to their
entitlements thereto.
(ii) the Trustee will pay the principal portion of
Available Funds:
(a) first, to the Trustee, as reimbursement for any
remaining Extraordinary Trust Expenses incurred by
the Trustee in accordance with Section 6(b) below and
approved by 100% of the Certificateholders; and
(b) second, to the holders of the Class A-1
Certificates, the Certificate Principal Amount.
(b) Distributions of interest on the Class A-1 Certificates
and Class A-2 Certificates may be deferred as a result of the deferral of
payment on the Underlying Securities. Distributions on the Underlying
Securities may be deferred pursuant to the Underlying Securities Trust
Agreement for up to ten consecutive semiannual interest periods (each a
"Deferral Period") provided that no Deferral Period may extend beyond the
Final Scheduled Distribution Date. During any Deferral Period, interest on the
Underlying Securities will continue to accrue at the applicable rate per annum
compounded semi-annually. Interest on deferred and compounded interest on the
Class A-1 Certificates and Class A-2 Certificates will be owing only to the
extent that such interest is actually received by the Trustee on the
Underlying Securities.
(c) Notwithstanding the foregoing, if the Underlying
Securities are redeemed, prepaid or liquidated in whole or in part for any
reason other than due to the occurrence of an Event of Default or at their
maturity, the Trustee shall apply Available Funds in the following order of
priority:
(i) first, to the Trustee, as reimbursement for any
Extraordinary Trust Expenses incurred by the Trustee
in accordance with Section 6(b) below and approved by
100% of the Certificateholders;
(ii) second, to the holders of the Class A-1 Certificates,
an amount equal to the outstanding principal amount
thereof plus accrued and unpaid interest thereon;
(iii)third, to the holders of the Class A-2 Certificates,
the present value of all amounts that would otherwise
have been payable on the Class A-2 Certificates for
the period from the date of such redemption or
prepayment to the Final Scheduled Distribution Date
using a discount rate of 7.20% per annum, assuming no
delinquencies, deferrals, redemptions or prepayments
on the Underlying Securities; and
(iv) fourth, any remainder to the holders of the Class A-1
Certificates and the Class A-2 Certificates pro rata
in proportion to the ratio of the Class A-1
Allocation to the Class A-2 Allocation.
(d) Notwithstanding the foregoing, if the Underlying
Securities are redeemed, prepaid or liquidated in whole or in part due to the
occurrence of an Event of Default, the Trustee shall apply Available Funds to
the holders of the Class A-1 Certificates and the holders of the Class A-2
Certificates in accordance with the ratio of the Class A-1 Allocation to the
Class A-2 Allocation.
(e) Notwithstanding any other provision hereof, in the event
of the occurrence of an Event of 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, 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. If 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. Any of the
following dealers (or their successors) shall be deemed to qualify as leading
dealers: (1) Credit Suisse First Boston Corporation, (2) Xxxxxxx, Xxxxx & Co.,
(3) Xxxxxx Brothers Inc., (4) Xxxxxxx Xxxxx, Xxxxxx, Xxxxxx & Xxxxx
Incorporated, (5) UBS Warburg LLC and (6) Xxxxxxx Xxxxx Xxxxxx Inc. The
Trustee shall not be responsible for the failure to obtain a bid so long as it
has made reasonable efforts to obtain bids. If a bid for the sale of the
Underlying Securities has been accepted by the Trustee but the sale has failed
to settle on the proposed settlement date, the Trustee shall request new bids
from such leading dealers. In the event of such sale or of an acceleration and
a corresponding payment on the Underlying Securities, the Trustee shall
distribute the proceeds to the Certificateholders no later than two Business
Days after the receipt of immediately available funds in accordance with
Section 5(d) hereof.
(f) In the event that the Trustee receives non-cash property
in respect of the Underlying Securities as a result of a payment default on
the Underlying Securities (including from the sale thereof), the Trustee will
promptly give notice to the Depositary, or for any Certificates which are not
then held by DTC or any other depository, directly to the registered holders
of the Certificates then outstanding and unpaid. Such notice shall state that,
not later than 30 days after the receipt of such property, the Trustee will
allocate and distribute such property to the holders of Class A-1 Certificates
and Class A-2 Certificates then outstanding and unpaid (after deducting the
costs incurred in connection therewith) in accordance with Section 5(d)
hereof. Property other than cash will be liquidated by the Trustee, and the
proceeds thereof distributed in cash, only to the extent necessary to avoid
distribution of fractional securities to Certificateholders. In-kind
distribution of such property to Certificateholders will be deemed to reduce
the principal amount of Certificates on a dollar-for-dollar basis.
(g) Subject to Section 9(f) hereof, to the extent Available
Funds are insufficient to make any required distributions due to any Class of
Certificates on any Distribution Date, any shortfall will be carried over and
will be distributed on the next Distribution Date (or date referred to in
Section 5(h) hereof) on which sufficient funds are available on the Available
Funds to pay such shortfall.
(h) If a payment with respect to the Underlying Securities
is made to the Trustee after the payment date of the Underlying Securities on
which such payment was due, then the Trustee will distribute any such amounts
received on the next occurring Business Day (a "Special Distribution Date") as
if the funds had constituted Available Funds on the Distribution Date
immediately preceding such Special Distribution Date; provided, however, that
the Record Date for such Special Distribution Date shall be five Business Days
prior to the day on which the related payment was received from the Underlying
Securities Trustee.
(i) Notwithstanding Section 3.12 of the Standard Terms, if
the Underlying Securities Issuer ceases to file periodic reports as required
under the Exchange Act, the Depositor shall within a reasonable time instruct
the Trustee to (i) distribute the Underlying Securities in-kind to the Class
A-1 Certificateholders or (ii) sell the Underlying Securities and distribute
the proceeds of such sale to the certificateholders in accordance with Section
5(c); provided, however, the Trustee shall not sell the Underlying Securities
unless the proceeds of such sale would exceed the sum of the amounts to be
distributed pursuant to clauses 5(c)(i) and 5(c)(ii) above; and provided,
further, the Depositor shall not instruct the Trustee to distribute or sell
the Underlying Securities pursuant to this clause unless the Underlying
Securities Issuer has either (x) stated in writing that it intends permanently
to cease filing reports required under the Exchange Act or (y) failed to file
any required reports for one full calendar year.
Section 6. Trustee's Fees. (a) As compensation for its services
hereunder, the Trustee shall be entitled to the Trustee Fee. The Trustee Fee
shall be paid by the Depositor and not from Trust Property. The Trustee shall
bear all Ordinary Expenses. Failure by the Depositor to pay such amount shall
not entitle the Trustee to any payment or reimbursement from the Trust, nor
shall such failure release the Trustee from the duties it is required to
perform under the Trust Agreement.
(b) Extraordinary Expenses shall not be paid out of the
Trust Property unless all the holders of the Class A-1 Certificates and Class
A-2 Certificates then outstanding have directed the Trustee to incur such
Extraordinary Expenses. The Trustee may incur other Extraordinary Expenses if
any lesser percentage of the Certificateholders requesting such action
pursuant hereto reimburse the Trustee for the cost thereof from their own
funds in advance. If Extraordinary Expenses are not approved unanimously as
set forth in the first sentence of this Section 6(b), such Extraordinary
Expenses shall not be an obligation of the Trust, and the Trustee shall not
file any claim against the Trust therefor notwithstanding failure of
certificateholders to reimburse the Trustee.
Section 7. Optional Exchange; Optional Redemption.
(a) (i) On each Distribution Date (or, if the Depositor or
an Affiliate of the Depositor holds all of the Certificates and the Call
Warrants, on any other date) any Affiliate of the Depositor, if it is then the
holder of Class A-1 Certificates of a principal amount and Class A-2
Certificates of a notional amount which represent a like percentage of all
outstanding Class A-1 Certificates and Class A-2 Certificates, respectively,
and (except to the extent such Certificates were acquired through the exercise
of Call Warrants) the holder of Call Warrants related to the Class A-1
Certificates and Call Warrants related to the Class A-2 Certificates which, in
each case, represent a like percentage of all such outstanding Call Warrants,
may tender such Class A-1 Certificates and Class A-2 Certificates and such
Call Warrants to the Trustee on such date and receive a distribution of
Underlying Securities representing a like percentage of Underlying Securities
to the percentage of the Class A-1 Certificates and Class A-2 Certificates and
the related Call Warrants being tendered to the Trustee by the Depositor or
one of its Affiliates; provided, however, that any right to exchange shall be
exercisable only (a) to the extent that the Depositor provides upon the
Trustee's request an opinion of counsel that such exchange would not affect
the characterization of the Trust as a "grantor trust" for federal income tax
purposes and (b) to the extent permitted under Section 7(a)(iv) and Section
7(a)(vii) hereof.
(ii) Any such Affiliate of the Depositor must provide
notice to the Trustee (an "Exchange Request") no less
than 5 days (or such shorter period acceptable to the
Trustee) but not more than 30 days prior to an
Optional Exchange Date that it requests an Optional
Exchange of Certificates on such Optional Exchange
Date.
(iii)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.
(iv) Any such Optional Exchange by any Affiliate of the
Depositor, will be subject to the following
restrictions: (a) certification to the Trustee that
any Certificates to be exchanged have been held for a
minimum of six months and (b) each Optional Exchange
is limited in amount to a maximum of 5% (except for
Certificates acquired by the Underwriter but never
distributed to investors, in which case 25%) of the
then outstanding principal amount or notional amount
of the Certificates; provided, however, that such
restrictions shall not apply to the exchange of
Certificates that were acquired pursuant to Section
7(b).
(v) The provisions of Section 4.07 of the Standard Terms
shall not apply to an Optional Exchange pursuant to
this Section. This Section 7 shall not provide the
Depositor with a lien against, an interest in or a
right to specific performance with respect to the
Underlying Securities.
(vi) A Warrant Holder shall exchange Certificates called
by it for pro rata amounts of the Underlying
Securities; provided, however, that it complies with
the conditions set forth in (a)(i) and (a)(ii) above
as though such Warrant Holder was an affiliate of the
Depositor.
(vii)Any right to exchange Certificates for a distribution
of Underlying Securities shall be exercisable only by
a single holder of Class A-1 Certificates and Class
A-2 Certificates and related Warrants, if applicable,
which represent a like percentage of all outstanding
Class A-1 Certificates and Class A-2 Certificates,
respectively.
(b) (i) Concurrently with the execution of this Series
Supplement, the Trustee, on behalf of the Trust, shall execute the Warrant
Agent Agreement and the Call Warrants, dated as of the date hereof and
substantially in the form of Exhibit B hereto, initially evidencing all of the
Call Warrants. The Trustee shall perform the Trust's obligations under the
Warrant Agent Agreement and the Call Warrants in accordance with their
respective terms.
(ii) On any Call Date, the Certificates may be called at
the Call Price, in whole or in part, by the Warrant
Holder upon payment of the Call Price on or prior to
such Call Date.
(iii)The Warrant Holder shall provide notice to the
Trustee (a "Call Request") no less than 5 Business
Days prior to any Call Date, that it is exercising
its Call Warrants with respect to the Certificates on
such Call Date. The Call Request shall, to the extent
that an Optional Exchange is permitted under Section
7(a) hereof, be deemed to be notice of an Optional
Exchange.
(iv) Upon receipt of a Call Request, the Trustee shall
provide a conditional call notice to the Depository
not less than 3 Business Days prior to the applicable
Call Date.
(v) As a condition to any Optional Call, an opinion of
counsel to the Warrant Holder shall be delivered to
the Rating Agencies, in form satisfactory to the
Rating Agencies, indicating that payment of the Call
Price shall not be recoverable as a preferential
transfer or fraudulent conveyance under the United
States Bankruptcy Code. Such opinion may contain
customary assumptions and qualifications. In
addition, the Warrant Holder shall provide a
certificate of solvency to the Trustee.
(vi) Deliveries of the Certificates called to the Warrant
Holder (the "Purchaser") will only be made against
payment by the Purchaser of the Call Price in
immediately available funds. Such payment must occur
no later than 10:00 a.m. New York City time on the
Call Date. In the event that the Purchaser fails to
make such payment by such time (a "Purchase
Default"), the sale shall be voided and the Optional
Call will be deemed not to be effective with respect
to such Distribution Date, and the Certificates and
the Call Warrants shall continue to remain
outstanding. Subject to receipt of the Call Price as
aforesaid, the Trustee shall pay the Call Price to
the Certificateholders on the Call Date.
(vii)The Call Price in respect of partial calls shall be
allocated to the Certificateholders pro rata.
(viii) The Trustee shall not consent to any amendment or
modification of this Agreement (including the
Standard Terms) which would alter the timing or
amount of any payment of the Call Price without the
prior written consent of 100% of the Warrant Holders.
(ix) The Trustee shall not be obligated to determine
whether an Optional Call complies with the applicable
provisions for exemption under Rule 3a-7 of the
Investment Company Act of 1940, as amended, or the
rules or regulations promulgated thereunder.
(x) This Section 7 shall not provide the Warrant Holder
with a lien against, an interest in or a right to
specific performance with respect to the Underlying
Securities.
(xi) The Warrant Holder shall initially be the Depositor.
Section 8. Events of Default.
Within 30 days of the occurrence of an Event of Default in
respect of the Certificates, the Trustee will give notice to the
Certificateholders, transmitted by mail, of all such uncured or unwaived
Events of Default known to it. However, except in the case of an Event of
Default relating to the payment of principal of or interest on any of the
Underlying Securities, the Trustee will be protected in withholding such
notice if in good faith it determines that the withholding of such notice is
in the interest of the Certificateholders.
Section 9. Miscellaneous.
(a) The provisions of Section 4.04, Advances, of the
Standard Terms shall not apply to the Series 2001-15 Certificates.
(b) The provisions of Section 4.07, Optional Exchange, of
the Standard Terms shall not apply to the Series 2001-15 Certificates.
(c) The Trustee shall simultaneously forward reports to
Certificateholders pursuant to Section 4.03 of the Standard Terms and to the
New York Stock Exchange.
(d) Except as expressly provided herein, the
Certificateholders shall not be entitled to terminate the Trust or cause the
sale or other disposition of the Underlying Securities.
(e) The provisions of Section 3.07(d) of the Standard Terms
shall not apply to the Series 2001-15 Certificates.
(f) If the Trustee has not received payment with respect to
a Collection Period on the Underlying Securities on or prior to the related
Distribution Date, such distribution will be made promptly upon receipt of
such payment. No additional amounts shall accrue on the Certificates or be
owed to Certificateholders as a result of such delay; provided, however, that
any additional interest owed and paid by the Underlying Securities Issuer as a
result of such delay shall be paid to the Certificateholders, pro rata in
proportion to their respective entitlements to interest.
(g) The outstanding principal balance of the Certificates
shall not be reduced by the amount of any Realized Losses (as defined in the
Standard Terms).
(h) The Trust may not engage in any business or activities
other than in connection with, or relating to, the holding, protecting and
preserving of the Trust Property and the issuance of the Certificates, and
other than those required or authorized by the Trust Agreement or incidental
and necessary to accomplish such activities. The Trust may not issue or sell
any certificates or other obligations other than the Certificates or otherwise
incur, assume or guarantee any indebtedness for money borrowed.
(i) Notwithstanding anything in the Trust Agreement to the
contrary, the Trustee may be removed upon 60 days prior written notice
delivered by the holders of Class A-1 Certificates representing the Required
Percentage-Removal.
(j) In the event that the Internal Revenue Service
challenges the characterization of the Trust as a grantor trust, the Trustee
shall then file such forms as the Depositor may specify to establish the
Trust's election pursuant to Section 761 of the Code to exclude the Trust from
the application of Subchapter K of the Code and is hereby empowered to execute
such forms on behalf of the Certificateholders.
(k) Notwithstanding anything in the Standard Terms to the
contrary, the Trustee, upon written direction by the Depositor, will execute
the Certificates.
(l) In relation to Section 7.01(f) of the Standard Terms,
any periodic reports filed by the Trustee pursuant to the Exchange Act, in
accordance with the customary practices of the Depositor, need not contain any
independent reports.
(m) Notwithstanding anything in the Trust Agreement to the
contrary, the Trustee will have no recourse to the Underlying Securities.
(n) [Reserved].
(o) The Trust will not merge or consolidate with any other
entity without confirmation from each Rating Agency that such merger or
consolidation will not result in the qualification, reduction or withdrawal of
its then-current rating on the Certificates.
(p) Notices. All directions, demands and notices hereunder
or under the Standard Terms shall be in writing and shall be delivered as set
forth below (unless written notice is otherwise provided to the Trustee).
If to the Depositor, to:
Xxxxxx ABS Corporation
3 World Financial Center
New York, New York 10285
Attention: Structured Credit Trading
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
If to the Trustee, to:
U.S. Bank Trust National Association
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Corporate Trust
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
If to the Rating Agencies, to:
Xxxxx'x Investors Service, Inc.
00 Xxxxxx Xxxxxx 00X
Xxx Xxxx, Xxx Xxxx 00000
Attention: CBO/CLO Monitoring Department
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
and to:
Standard & Poor's
00 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Structured Finance Surveillance Group
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
If to the New York Stock Exchange, to:
New York Stock Exchange, Inc.
00 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxxx Xxxxxx
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
Section 10. Governing Law. THIS SERIES SUPPLEMENT AND THE
TRANSACTIONS DESCRIBED HEREIN SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE
CHOICE OF LAWS PROVISIONS THEREOF.
Section 11. Counterparts. This Series Supplement may be executed in
any number of counterparts, each of which shall be deemed to be an original,
and all such counterparts shall constitute but one and the same instrument.
Section 12. Termination of the Trust. The Trust shall terminate upon
the earliest to occur of (i) the payment in full at maturity or sale by the
Trust after a payment default on or an acceleration or other early payment of
the Underlying Securities and the distribution in full of all amounts due to
the Class A-1 and Class A-2 Certificateholders; (ii) the exercise of all
outstanding Call Warrants by the Warrant Holder; (iii) the Final Scheduled
Distribution Date and (iv) the expiration of 21 years from the death of the
last survivor of the descendants of Xxxxxx X. Xxxxxxx, the late Ambassador of
the United States to the Court of St. Xxxxx, living on the date hereof.
Section 13. Sale of Underlying Securities. In the event of a sale of
the Underlying Securities pursuant to Section 5(e) hereof, the Liquidation
Proceeds, if any, shall be deposited into the Certificate Account for
distribution to the Class A-1 and Class A-2 Certificateholders. The Trustee
shall only deliver the Underlying Securities to the purchaser of such
Underlying Securities against payment in same day funds deposited into the
Certificate Account.
Section 14. Amendments. Notwithstanding anything in the Trust
Agreement to the contrary, in addition to the other restrictions on
modification and amendment contained therein, the Trustee shall not enter into
any amendment or modification of the Trust Agreement which would adversely
affect in any material respect the interests of the holders of any class of
Certificates without the consent of the holders of 100% of such class of
Certificates; provided, however, that no such amendment or modification will
be permitted which would alter the status of the Trust as a grantor trust for
federal income tax purposes. Further, no amendment shall be permitted which
would adversely affect in any material respect the interests of any Class of
Certificateholders without confirmation by each Rating Agency that such
amendment will not result in a downgrading or withdrawal of its rating of such
Class of Certificates.
Section 15. Voting of Underlying Securities, Modification of
Indenture. The Trustee, as holder of the Underlying Securities, has the right
to vote and give consents and waivers in respect of the Underlying Securities
as permitted by the Depository and except as otherwise limited by the Trust
Agreement. In the event that the Trustee receives a request from the
Depository, the Underlying Securities Trustee or the Underlying Securities
Issuer for its consent to any amendment, modification or waiver of the
Underlying Securities, the Underlying Securities Trust Agreement or any other
document thereunder or relating thereto, or receives any other solicitation
for any action with respect to the Underlying Securities, the Trustee shall
mail a notice of such proposed amendment, modification, waiver or solicitation
to each Class A-1 Certificateholder of record as of such date. The Trustee
shall request instructions from the Class A-1 Certificateholders as to whether
or not to consent to or vote to accept such amendment, modification, waiver or
solicitation. The Trustee shall consent or vote, or refrain from consenting or
voting, in the same proportion (based on the relative outstanding principal
balances of the Class A-1 Certificates) as the Class A-1 Certificates of the
Trust were actually voted or not voted by the Class A-1 Certificateholders
thereof as of a date determined by the Trustee prior to the date on which such
consent or vote is required, after weighing the votes of the Class A-1
Certificateholders; provided, however, that, notwithstanding anything in the
Trust Agreement to the contrary, the Trustee shall at no time vote on or
consent to any matter (i) unless such vote or consent would not (based on an
opinion of counsel) alter the status of the Trust as a grantor trust for
federal income tax purposes or result in the imposition of tax upon the
Certificateholders, (ii) which would alter the timing or amount of any payment
on the Underlying Securities, including, without limitation, any demand to
accelerate the Underlying Securities, except in the event of a default under
the Underlying Securities or an event which with the passage of time would
become an event of default under the Underlying Securities and with the
unanimous consent of all outstanding Class A-1 Certificateholders and the
Class A-2 Certificateholders, or (iii) which would result in the exchange or
substitution of any of the outstanding Underlying Securities pursuant to a
plan for the refunding or refinancing of such Underlying Securities except in
the event of a default under the Underlying Securities Trust Agreement and
only with the consent of Certificateholders representing 100% of the Class A-1
Certificates and 100% of the Class A-2 Certificates. The Trustee shall have no
liability for any failure to act resulting from Certificateholders' late
return of, or failure to return, directions requested by the Trustee from the
Certificateholders.
In the event that an offer is made by the Underlying
Securities Issuer to issue new obligations in exchange and substitution for
any of the Underlying Securities, pursuant to a plan for the refunding or
refinancing of the outstanding Underlying Securities or any other offer is
made for the Underlying Securities, the Trustee shall notify the Class A-1
Certificateholders and Class A-2 Certificateholders of such offer promptly.
The Trustee must reject any such offer unless the Trustee is directed by all
the holders of the Class A-1 Certificates and Class A-2 Certificates to accept
such offer and the Trustee has received the tax opinion described above. If
pursuant to the preceding sentence, the Trustee accepts any such offer the
Trustee shall promptly notify the Rating Agencies.
If an event of default under the Underlying Securities Trust
Agreement occurs and is continuing, and if directed by a majority of the
outstanding Class A-1 Certificateholders, the Trustee shall vote the
Underlying Securities in favor of directing, or take such other action as may
be appropriate to direct, the Underlying Securities Trustee to declare the
unpaid principal amount of the Underlying Securities and any accrued and
unpaid interest thereon to be due and payable.
IN WITNESS WHEREOF, the parties hereto have caused this
Series Supplement to be duly executed by their respective authorized officers
as of the date first written above.
XXXXXX ABS CORPORATION,
as Depositor
By: /s/ Xxxx Xxxxxxx
________________
Name: Xxxx Xxxxxxx
Title: Senior Vice President
U.S. BANK TRUST NATIONAL ASSOCIATION,
not in its individual capacity
but solely as Trustee on behalf
of the Corporate Backed Trust
Certificates Series, 2001- 15
Trust
By: /s/ Xxxxxxx Xxxxx
_____________
Name: Xxxxxxx Xxxxx
Title: Vice President & Assistant Secretary
SCHEDULE I
SERIES 2001-15
UNDERLYING SECURITIES SCHEDULE
Underlying Securities: 7.54% Cumulative Capital
Securities Notes due 2027.
Underlying Securities Issuer: JPM Capital Trust I.
CUSIP Number: 00000XXX0.
Principal Amount Deposited: $76,499,000.
Original Issue Date: December 4, 1996.
Principal Amount of
Underlying Securities
Originally Issued: 750,000,000.
Maturity Date: January 15, 2027.
Principal Payment Date: January 15, 2027.
Interest Rate: 7.54% per annum.
Interest Payment Dates: January 15 and July 15.
Underlying Securities Record Dates: The day immediately preceding
each Distribution Date.
SCHEDULE II
CLASS A-2 CERTIFICATE CALL SCHEDULE
Distribution Date Value
07/15/2001 $2,384,952
01/15/2002 $2,374,152
07/15/2002 $2,362,811
01/15/2003 $2,350,903
07/15/2003 $2,338,400
01/15/2004 $2,325,272
07/15/2004 $2,311,487
01/15/2005 $2,297,013
07/15/2005 $2,281,816
01/15/2006 $2,265,858
07/15/2006 $2,249,103
01/15/2007 $2,231,510
07/15/2007 $2,213,037
01/15/2008 $2,193,640
07/15/2008 $2,173,274
01/15/2009 $2,151,889
07/15/2009 $2,129,436
01/15/2010 $2,105,859
07/15/2010 $2,081,104
01/15/2011 $2,055,111
07/15/2011 $2,027,818
01/15/2012 $1,999,161
07/15/2012 $1,969,070
01/15/2013 $1,937,476
07/15/2013 $1,904,301
01/15/2014 $1,869,468
07/15/2014 $1,832,893
01/15/2015 $1,794,489
07/15/2015 $1,754,166
01/15/2016 $1,711,826
07/15/2016 $1,667,369
01/15/2017 $1,620,689
07/15/2017 $1,571,675
01/15/2018 $1,520,210
07/15/2018 $1,466,173
01/15/2019 $1,409,433
07/15/2019 $1,349,856
01/15/2020 $1,287,301
07/15/2020 $1,221,618
01/15/2021 $1,152,650
07/15/2021 $1,080,235
01/15/2022 $1,004,198
07/15/2022 $924,360
01/15/2023 $840,529
07/15/2023 $752,508
01/15/2024 $660,085
07/15/2024 $563,041
01/15/2025 $461,144
07/15/2025 $354,153
01/15/2026 $241,813
07/15/2026 $123,855
01/15/2027 --
EXHIBIT A-1
FORM OF CLASS A-1 TRUST CERTIFICATE
NUMBER 1 3,059,960 $25 PAR CERTIFICATES
CUSIP NO. 21988G 78 3
SEE REVERSE FOR CERTAIN DEFINITIONS
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THIS CERTIFICATE REPRESENTS A PROPORTIONATE UNDIVIDED BENEFICIAL OWNERSHIP
INTEREST IN THE TRUST AND DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, AND IS NOT GUARANTEED BY THE DEPOSITOR OR THE TRUSTEE OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE OR THE TRUST ASSETS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.
TRANSFERS OF THE CLASS A-1 CERTIFICATES MUST GENERALLY BE ACCOMPANIED BY
APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS
PROVIDED IN THE SERIES SUPPLEMENT.
XXXXXX ABS CORPORATION.
3,059,960 $25 PAR
CORPORATE BACKED TRUST CERTIFICATES,
SERIES 2001-15
7.20% INTEREST RATE
evidencing a proportionate undivided beneficial ownership interest in the
Trust, as defined below, the property of which consists principally of
$76,499,000 aggregate principal amount of 7.54% Cumulative Capital Securities
due January 15, 2027, issued by JPM Capital Trust 1 and all payments received
thereon (the "Trust Property"), deposited in trust by Xxxxxx ABS Corporation,
(the "Depositor").
THIS CERTIFIES THAT CEDE & CO. is the registered owner of $76,499,000 DOLLARS
nonassessable, fully-paid, proportionate undivided beneficial ownership
interest in the Corporate Backed Trust Certificates, Series 2001-15 Trust,
formed by the Depositor.
The Trust was created pursuant to a Standard Terms for Trust Agreements, dated
as of January 16, 2001 (the "Standard Terms"), between the Depositor and U.S.
Bank Trust National Association, a national banking association, not in its
individual capacity but solely as Trustee (the "Trustee"), as supplemented by
the Series Supplement, Series 2001-15, dated as of April 30, 2001 (the "Series
Supplement" and, together with the Standard Terms, the "Trust Agreement"),
between the Depositor and the Trustee. This Certificate does not purport to
summarize the Trust Agreement and reference is hereby made to the Trust
Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Trustee with respect hereto. A copy of the Trust Agreement
may be obtained from the Trustee by written request sent to the Corporate
Trust Office. Capitalized terms used but not defined herein have the meanings
assigned to them in the Trust Agreement.
This Certificate is one of the duly authorized Certificates designated as the
"Corporate Backed Trust Certificates, Series 2001-15, Class A-1" (herein
called the "Certificates"). This Certificate is issued under and is subject to
the terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound. The Trust Property consists of: (i)
Underlying Securities described in the Trust Agreement; (ii) all payments on
or collections in respect of the Underlying Securities accrued on or after
April 30, 2001 together with any proceeds thereof; and (iii) all funds from
time to time deposited with the Trustee relating to the Certificates, together
with any and all income, proceeds and payments with respect thereto; provided,
however, that any income from the investment of Trust funds in certain
permitted investments ("Eligible Investments") does not constitute Trust
Property.
Subject to the terms and conditions of the Trust Agreement (including the
availability of funds for distributions) and until the obligation created by
the Trust Agreement shall have terminated in accordance therewith,
distributions will be made on each Distribution Date, to the Person in whose
name this Certificate is registered on the applicable Record Date, in an
amount equal to such Certificateholder's proportionate undivided beneficial
ownership interest in the amount required to be distributed to the Holders of
the Certificates on such Distribution Date. The Record Date applicable to any
Distribution Date is the close of business on the day immediately preceding
such Distribution Date (whether or not a Business Day). If a payment with
respect to the Underlying Securities is made to the Trustee after the date on
which such payment was due, then the Trustee will distribute any such amounts
received on the next occurring Business Day (a "Special Distribution Date").
Each Certificateholder, by its acceptance of a Certificate, covenants and
agrees that such Certificateholder will not at any time institute against the
Trust, or join in any institution against the Trust of, any bankruptcy
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Certificates or the Trust
Agreement.
Distributions made on this Certificate will be made as provided in the Trust
Agreement by the Trustee by wire transfer in immediately available funds, or
check mailed to the Certificateholder of record in the Certificate Register
without the presentation or surrender of this Certificate or the making of any
notation hereon, except that with respect to Certificates registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee shall be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Except
as otherwise provided in the Trust Agreement and notwithstanding the above,
the final distribution on this Certificate will be made after due notice by
the Trustee of the pendency of such distribution and only upon presentation
and surrender of this Certificate at the Corporate Trust Office or such other
location as may be specified in such notice.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee, by manual signature, this Certificate shall not entitle
the Holder hereof to any benefit under the Trust Agreement or be valid for any
purpose.
THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE HOLDER HEREOF SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
CORPORATE BACKED TRUST
CERTIFICATES,
SERIES 2001-15 TRUST
By: U.S. Bank Trust National Association
not in its individual capacity but solely as
Trustee,
By:_________________________________________
Authorized Signatory
Dated: April 30, 2001
TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is on one of the Corporate Backed Trust Certificates, Series 2001-15,
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
(REVERSE OF CERTIFICATE)
The Certificates are limited in right of distribution to certain payments and
collections respecting the Underlying Securities, all as more specifically set
forth herein and in the Trust Agreement. The registered Holder hereof, by its
acceptance hereof, agrees that it will look solely to the Trust Property (to
the extent of its rights therein) for distributions hereunder.
The Trust Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor and the Trustee and the rights of the Certificateholders under the
Trust Agreement at any time by the Depositor and the Trustee with the consent
of the holders of Class A-1 Certificates in the manner set forth in the Series
Supplement and the Standard Terms. Any such consent by the Holder of this
Certificate (or any predecessor Certificate) shall be conclusive and binding
on such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent in made upon this Certificate.
The Trust Agreement also permits the amendment thereof, in certain limited
circumstances, without the consent of the Holders of any of the Certificates.
The Certificates are issuable in fully registered form only in denominations
of $25.
As provided in the Trust Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registerable in the Certificate
Register upon surrender of this Certificate for registration of transfer at
the offices or agencies of the Certificate Registrar maintained by the Trustee
in the Borough of Manhattan, the City of New York, duly endorsed by or
accompanied by an assignment in the form below and by such other documents as
required by the Trust Agreement, and thereupon one or more new Certificates of
the same class in authorized denominations evidencing the same principal
amount will be issued to the designated transferee or transferees. The initial
Certificate Registrar appointed under the Trust Agreement is U.S. Bank Trust
National Association. No service charge will be made for any registration of
transfer or exchange, but the Trustee may require exchange of a sum sufficient
to cover any tax or other governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.
The Depositor and the Trustee and any agent of the Depositor or the Trustee
may treat the Person in whose name this Certificate is registered as the owner
hereof for all purposes, and neither the Depositor, the Trustee, nor any such
agent shall be affected by any notice to the contrary.
It is the intention of the parties to the Trust Agreement that the Trust
created thereunder shall constitute a fixed investment trust for federal
income tax purposes under Treasury Regulation Section 301.7701-4, and the
Certificateholder agrees to treat the Trust, any distributions therefrom and
its beneficial interest in the Certificates consistently with such
characterization.
Section 16.The Trust and the obligations of the Depositor and the
Trustee created by the Trust Agreement with respect to the Certificates shall
terminate upon the earliest to occur of (i) the payment in full at maturity or
sale by the Trust after a payment default on or an acceleration or other early
payment of the Underlying Securities and the distribution in full of all
amounts due to the Class A-1 and Class A-2 Certificateholders; (ii) the
exercise of all outstanding Call Warrants by the Warrant Holder; (iii) the
Final Scheduled Distribution Date and (iv) the expiration of 21 years from the
death of the last survivor of the descendants of Xxxxxx X. Xxxxxxx, the late
Ambassador of the United States to the Court of St. Xxxxx, living on the date
hereof.
An employee benefit plan subject to the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), a plan described in Section 4975(e) of the
Code, an entity whose underlying assets include plan assets by reason of any
such plan's investment in the entity, including an individual retirement
account or Xxxxx plan (any such, a "Plan") may purchase and hold Certificates
if the Plan can represent and warrant that its purchase and holding of the
Certificates would not be prohibited under ERISA or the Code.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE
(Please print or type name and address, including postal zip code, of
assignee) the within Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing ________________________________
Attorney to transfer said Certificate on the books of the Certificate
Register, with full power of substitution in the premises.
Dated:
*
Signature Guaranteed:
*
*NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Signatures must be guaranteed
by an "eligible guarantor institution" meeting the requirements of the
Certificate Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Certificate
Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.
EXHIBIT A-2
FORM OF CLASS A-2 CERTIFICATE
NUMBER 1 CUSIP NO.21988G AM 8
SEE REVERSE FOR CERTAIN DEFINITIONS
THIS CLASS A-2 CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF
EXCEPT WHILE A REGISTRATION UNDER SUCH ACT IS IN EFFECT OR PURSUANT TO AN
EXEMPTION THEREFROM UNDER SUCH ACT. THE CLASS A-2 CERTIFICATE REPRESENTED
HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF THE SERIES
SUPPLEMENT.
THE NOTIONAL PRINCIPAL AMOUNT OF THIS CLASS A-2 CERTIFICATE IS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING NOTIONAL PRINCIPAL AMOUNT OF THIS CLASS
A-2 CERTIFICATE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE
HEREOF.
TRANSFERS OF THE CLASS A-2 CERTIFICATES MUST GENERALLY BE ACCOMPANIED BY
APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS
PROVIDED IN THE SERIES SUPPLEMENT.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THIS CERTIFICATE REPRESENTS A PROPORTIONATE UNDIVIDED BENEFICIAL OWNERSHIP
INTEREST IN THE TRUST AND DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST
IN, AND IS NOT GUARANTEED BY THE DEPOSITOR OR THE TRUSTEE OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE OR THE TRUST ASSETS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.
XXXXXX ABS CORPORATION
CORPORATE BACKED TRUST CERTIFICATES,
SERIES 2001-15
$76,499,000 NOTIONAL PRINCIPAL AMOUNT
0.34% INTEREST RATE
evidencing a proportionate undivided beneficial ownership interest in the
Trust, as defined below, the property of which consists principally of
$76,499,000 aggregate principal amount of 7.54 % Cumulative Capital Securities
due January 15, 2027, issued by JPM Capital Trust 1 and all payments received
thereon (the "Trust Property"), deposited in trust by Xxxxxx ABS Corporation
(the "Depositor").
THIS CERTIFIES THAT CEDE & CO. is the registered owner of an aggregate
principal amount of $76,499,000 notional principal amount nonassessable,
fully-paid, proportionate undivided beneficial ownership interest in the
Corporate Backed Trust Certificates, Series 2001-15 Trust, formed by the
Depositor.
The Trust was created pursuant to a Standard Terms for Trust Agreements, dated
as of January 16, 2001, (the "Standard Terms"), between the Depositor and U.S.
Bank Trust National Association , a national banking association, not in its
individual capacity but solely as Trustee (the "Trustee"), as supplemented by
the Series Supplement, Series 2001-15, dated as of April 30, 2001 (the "Series
Supplement" and, together with the Standard Terms, the "Trust Agreement"),
between the Depositor and the Trustee. This Certificate does not purport to
summarize the Trust Agreement and reference is hereby made to the Trust
Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Trustee with respect hereto. A copy of the Trust Agreement
may be obtained from the Trustee by written request sent to the Corporate
Trust Office. Capitalized terms used but not defined herein have the meanings
assigned to them in the Trust Agreement.
This Certificate is one of the duly authorized Certificates designated as the
"Corporate Backed Trust Certificates, Series 2001-15, Class A-2" (herein
called the "Certificates"). This Certificate is issued under and is subject to
the terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound. The Trust Property consists of: (i)
Underlying Securities described in the Trust Agreement; (ii) all payments on
or collections in respect of the Underlying Securities accrued on or after
April 30, 2001 together with any proceeds thereof; and (iii) all funds from
time to time deposited with the Trustee relating to the Certificates, together
with any and all income, proceeds and payments with respect thereto; provided,
however, that any income from the investment of Trust funds in certain
permitted investments ("Eligible Investments") does not constitute Trust
Property.
Subject to the terms and conditions of the Trust Agreement (including the
availability of funds for distributions) and until the obligation created by
the Trust Agreement shall have terminated in accordance therewith,
distributions of interest will be made on this Certificate on each
Distribution Date.
Subject to the terms and conditions of the Trust Agreement (including the
availability of funds for distributions) and until the obligation created by
the Trust Agreement shall have terminated in accordance therewith,
distributions will be made on each Distribution Date, to the Person in whose
name this Certificate is registered on the applicable Record Date, in an
amount equal to such Certificateholder's proportionate undivided beneficial
ownership interest in the amount required to be distributed to the Holders of
the Certificates on such Distribution Date. The Record Date applicable to any
Distribution Date is the close of business on the day immediately preceding
such Distribution Date (whether or not a Business Day). If a payment with
respect to the Underlying Securities is made to the Trustee after the date on
which such payment was due, then the Trustee will distribute any such amounts
received on the next occurring Business Day (a "Special Distribution Date").
Each Certificateholder, by its acceptance of a Certificate, covenants and
agrees that such Certificateholder will not at any time institute against the
Trust, or join in any institution against the Trust of, any bankruptcy
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Certificates or the Trust
Agreement.
Distributions made on this Certificate will be made as provided in the Trust
Agreement by the Trustee by wire transfer in immediately available funds, or
check mailed to the Certificateholder of record in the Certificate Register
without the presentation or surrender of this Certificate or the making of any
notation hereon, except that with respect to Certificates registered on the
Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee shall be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Except
as otherwise provided in the Trust Agreement and notwithstanding the above,
the final distribution on this Certificate will be made after due notice by
the Trustee of the pendency of such distribution and only upon presentation
and surrender of this Certificate at the Corporate Trust Office or such other
location as may be specified in such notice.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee, by manual signature, this Certificate shall not entitle
the Holder hereof to any benefit under the Trust Agreement or be valid for any
purpose.
THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE HOLDER HEREOF SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
CORPORATE BACKED TRUST CERTIFICATES,
SERIES 2001- 15 TRUST
By: U.S. Bank Trust National Association
not in its individual capacity but solely as
Trustee,
By:_________________________________________
Authorized Signatory
Dated: April 30, 2001
TRUSTEE'S CERTIFICATE OF AUTHENTICATION
This is on one of the Corporate Backed Trust Certificates, Series 2001-15,
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
(REVERSE OF CERTIFICATE)
The Certificates are limited in right of distribution to certain payments and
collections respecting the Underlying Securities, all as more specifically set
forth herein and in the Trust Agreement. The registered Holder hereof, by its
acceptance hereof, agrees that it will look solely to the Trust Property (to
the extent of its rights therein) for distributions hereunder.
The Trust Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor and the Trustee and the rights of the Certificateholders under the
Trust Agreement at any time by the Depositor and the Trustee with the consent
of the holders of Class A-2 Certificates in the manner set forth in the Series
Supplement and the Standard Terms. Any such consent by the Holder of this
Certificate (or any predecessor Certificate) shall be conclusive and binding
on such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange hereof or in lieu
hereof whether or not notation of such consent in made upon this Certificate.
The Trust Agreement also permits the amendment thereof, in certain limited
circumstances, without the consent of the Holders of any of the Certificates.
The Certificates are issuable in fully registered form only in denominations
of $1000 and in integral multiples of $1 in excess thereof.
As provided in the Trust Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registerable in the Certificate
Register upon surrender of this Certificate for registration of transfer at
the offices or agencies of the Certificate Registrar maintained by the Trustee
in the Borough of Manhattan, the City of New York, duly endorsed by or
accompanied by an assignment in the form below and by such other documents as
required by the Trust Agreement, and thereupon one or more new Certificates of
the same class in authorized denominations evidencing the same notional
principal amount will be issued to the designated transferee or transferees.
The initial Certificate Registrar appointed under the Trust Agreement is U.S.
Bank Trust National Association.
No service charge will be made for any registration of transfer or exchange,
but the Trustee may require exchange of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any transfer
or exchange of Certificates.
The Depositor and the Trustee and any agent of the Depositor or the Trustee
may treat the Person in whose name this Certificate is registered as the owner
hereof for all purposes, and neither the Depositor, the Trustee, nor any such
agent shall be affected by any notice to the contrary.
It is the intention of the parties to the Trust Agreement that the Trust
created thereunder shall constitute a fixed investment trust for federal
income tax purposes under Treasury Regulation Section 301.7701-4, and the
Certificateholder agrees to treat the Trust, any distributions therefrom and
its beneficial interest in the Certificates consistently with such
characterization.
Section 17. The Trust and the obligations of the Depositor and the
Trustee created by the Trust Agreement with respect to the Certificates shall
terminate upon the earliest to occur of (i) the payment in full at maturity or
sale by the Trust after a payment default on or an acceleration or other early
payment of the Underlying Securities and the distribution in full of all
amounts due to the Class A-1 and Class A-2 Certificateholders; (ii) the
exercise of all outstanding Call Warrants by the Warrant Holder; (iii) the
Final Scheduled Distribution Date and (iv) the expiration of 21 years from the
death of the last survivor of the descendants of Xxxxxx X. Xxxxxxx, the late
Ambassador of the United States to the Court of St. Xxxxx, living on the date
hereof.
An employee benefit plan subject to the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), a plan described in Section 4975(e) of the
Code, an entity whose underlying assets include plan assets by reason of any
such plan's investment in the entity, including an individual retirement
account or Xxxxx plan (any such, a "Plan") may purchase and hold Certificates
if the Plan can represent and warrant that its purchase and holding of the
Certificates would not be prohibited under ERISA or the Code.
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE
(Please print or type name and address, including postal zip code, of
assignee) the within Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing ________________________________
Attorney to transfer said Certificate on the books of the Certificate
Register, with full power of substitution in the premises.
Dated:
*
Signature Guaranteed:
*
*NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Signatures must be guaranteed
by an "eligible guarantor institution" meeting the requirements of the
Certificate Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Certificate
Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.
EXHIBIT B
FORM OF WARRANT AGENT AGREEMENT
WARRANT AGENT AGREEMENT
CORPORATE BACKED TRUST CERTIFICATES
Series 2001-15 TRUST
WARRANT AGENT AGREEMENT, dated as of April 30, 2001 (the "Warrant Agent
Agreement"), by and between XXXXXX ABS CORPORATION, as Depositor (the
"Depositor"), and U.S. BANK TRUST NATIONAL ASSOCIATION, as Warrant Agent (the
"Warrant Agent").
W I T N E S S E T H:
WHEREAS, the Depositor created Corporate Backed Trust Certificates,
Series 2001-15 Trust (the "Trust"), a trust created under the laws of the
State of New York pursuant to a Standard Terms for Trust Agreements, dated as
of January 16, 2001 (the "Agreement"), between Xxxxxx ABS Corporation (the
"Depositor") and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement 2001-15, dated as of
April 30, 2001 (the "Series Supplement" and, together with the Agreement, the
"Trust Agreement"), between the Depositor and the Trustee; and
WHEREAS, in connection with the creation of the Trust and the deposit
therein of the Underlying Securities, it is desired to provide for the
issuance of trust certificates (the "Certificates") evidencing undivided
interests in the Trust and call warrants with respect to the Certificates
("Call Warrants").
NOW, THEREFORE, in consideration of the foregoing premises and the mutual
covenants expressed herein, it is hereby agreed by and between the Depositor
and the Trustee as follows:
Section 1. Definitions. Except as otherwise specified herein or as the
context may otherwise require, capitalized terms used herein but not defined
herein shall have the respective meanings set forth below for all purposes
under the Series Supplement.
ARTICLE I
Exercise of Call Warrants
Section 1.1 Manner of Exercise. (a) The Call Warrants may be exercised by
the holder thereof (each, a "Warrant Holder"), in whole or in part, on any
Call Date, set forth in a written notice delivered to the Warrant Agent and
the Trustee at any time on or before the Business Day that is at least 5
Business Days before such Call Date, by surrender of the Call Warrants to the
Warrant Agent at its office set forth in Section 6.3 hereof no later than
10:00 a.m. (New York City time) on such Call Date; provided that such holder
shall have made payment to the Warrant Agent, by wire transfer or other
immediately available funds acceptable to the Warrant Agent, in the amount of
the applicable Call Price, in a manner such that funds are available to the
Warrant Agent no later than 10:00 a.m. (New York City time) on such Call Date,
and such holder shall thereupon be entitled to delivery of the Certificates in
a Certificate Principal Amount equal to $25 per Call Warrant purchased
hereunder in accordance with this Article I; provided further that the Warrant
Holder may not exercise the Call Warrants at any time when such Warrant Holder
is insolvent, and in connection therewith, such Warrant Holder shall be
required to certify that it is solvent at the time of exercise, by completing
the Form of Subscription attached to the Call Warrants and delivering such
completed Form of Subscription to the Trustee on or prior to the Call Date and
deliver to the Trustee a form reasonably satisfactory to the Trustee of the
opinion and the solvency certificate required pursuant to Section 7(b)(iv) of
the Series Supplement. Such notice of the exercise of a Call Warrant shall be
deemed to be notice of an Optional Exchange pursuant to Section 7(a) of the
Series Supplement.
(b) The Warrant Agent shall notify the Trustee immediately upon
receipt by the Warrant Agent of a notice by the holder of the Call Warrants
and upon receipt of payment of the applicable Call Price from such holder
pursuant to clause (a) of this Section 1.1. The Warrant Agent shall transfer
each payment made by the holder thereof pursuant to clause (a) of this Section
1.1 to the Trustee in immediately available funds, for application pursuant to
the Trust Agreement on the applicable Call Date (and, pending such transfer,
shall hold each such payment for the benefit of the holder thereof in a
segregated trust account).
(c) A notice by the holder of a Call Warrant does not impose any
obligations on a holder of a Call Warrant in any way to pay any Call Price.
If, by 10:00 a.m. (New York City time) on the Call Date, the holder of the
Call Warrant being exercised has not paid the Call Price, then such notice
shall automatically expire and none of the holder of such Call Warrant, the
Warrant Agent and the Trustee shall have any obligations with respect to such
notice by the holder of such Call Warrant. The expiration of a notice by the
holder of this Call Warrant shall in no way affect a holder of a Call
Warrant's right to subsequently deliver a notice which satisfies the terms of
the Trust Agreement.
Section 1.2 Transfer of Certificates. As soon as practicable after each
surrender of the Call Warrants, in whole or in part on the Call Date and upon
satisfaction of all other requirements described in the Call Warrants, the
Warrant Agent shall instruct the Trustee to cause a number of the Certificates
equal to the number of the Call Warrants being exercised thereunder to reflect
the beneficial ownership of the Certificates and, in case such exercise is in
part only, a new Call Warrant of like tenor, representing the remaining
outstanding Call Warrants of the holder, shall be delivered by the Warrant
Agent to the holder hereof.
Section 1.3 Cancellation and Destruction of Call Warrants. All Call
Warrants surrendered to the Warrant Agent for the purpose of exercise (in
whole or in part) pursuant to Section 1.1 and actually exercised, or for the
purpose of transfer or exchange pursuant to Article III, shall be cancelled by
the Warrant Agent, and no Call Warrant shall be issued in lieu thereof. The
Warrant Agent shall destroy all cancelled Call Warrants.
Section 1.4 No Rights as Holder of Certificates Conferred by Call
Warrants. Prior to the exercise thereof, the Call Warrants shall not entitle
the holder thereof to any of the rights of a holder of the Certificates,
including, without limitation, the right to receive the payment of any amount
on or in respect of the Certificates or to enforce any of the covenants of the
Trust Agreement.
ARTICLE II
Restrictions on Transfer
Section 2.1 Restrictive Legends. Except as otherwise permitted by this
Article II, each Call Warrant (including each Call Warrant issued upon the
transfer of any Call Warrant) shall be issued with a legend in substantially
the following form:
"This Call Warrant has not been registered under the
Securities Act of 1933, as amended, and may not be transferred, sold or
otherwise disposed of except while a registration under such Act is in effect
or pursuant to an exemption therefrom under such Act. The Call Warrant
represented hereby may be transferred only in compliance with the conditions
specified in the Call Warrants."
Section 2.2 Notice of Proposed Transfer; Opinions of Counsel. Prior to
any transfer of any Call Warrant or portion thereof, the holder thereof will
give 5 Business Days (or such lesser period acceptable to the Warrant Agent)
prior written notice to the Warrant Agent of such holder's intention to effect
such transfer.
ARTICLE III
Registration and Transfer of Call Warrants, etc.
Section 3.1 Warrant Register; Ownership of Call Warrants. The Warrant
Agent will keep a register in which the Warrant Agent will provide for the
registration of Call Warrants and the registration of transfers of Call
Warrants representing whole numbers of Call Warrants. The Trustee and the
Warrant Agent may treat the Person in whose name any Call Warrant is
registered on such register as the owner thereof for all purposes, and the
Trustee and the Warrant Agent shall not be affected by any notice to the
contrary.
Section 3.2 Transfer and Exchange of Call Warrants. Upon surrender of any
Call Warrant for registration of transfer or for exchange to the Warrant
Agent, the Warrant Agent shall (subject to compliance with Article II) execute
and deliver, and cause the Trustee, on behalf of the Trust, to execute and
deliver, in exchange therefor, a new Call Warrant of like tenor and evidencing
a like whole number of Call Warrants, in the name of such holder or as such
holder (upon payment by such holder of any applicable transfer taxes or
government charges) may direct; provided that as a condition precedent for
transferring the Call Warrants, the prospective transferee shall be required
to deliver to the Trustee and the Depositor an executed copy of the Investment
Letter (set forth as Exhibit C to the Series Supplement).
Section 3.3 Replacement of Call Warrants. Upon receipt of evidence
reasonably satisfactory to the Warrant Agent of the loss, theft, destruction
or mutilation of any Call Warrant and, in the case of any such loss, theft or
destruction of any Call Warrant, upon delivery of an indemnity bond in such
reasonable amount as the Warrant Agent may determine, or, in the case of any
such mutilation, upon the surrender of such Call Warrant for cancellation to
the Warrant Agent, the Warrant Agent shall execute and deliver, and cause the
Trustee, on behalf of the Trust, to execute and deliver, in lieu thereof, a
new Call Warrant of like tenor bearing a number not contemporaneously
outstanding.
Section 3.4 Execution and Delivery of Call Warrants by Trustee. The
Trustee, on behalf of the Trust, hereby agrees (subject to compliance with
Article II) to execute and deliver such new Call Warrants issued in accordance
with Section 1.2 or this Article III as the Warrant Agent shall request in
accordance herewith.
ARTICLE IV
Definitions
As used herein, unless the context otherwise requires, the following
terms have the following respective meanings:
"Business Day": As defined in the Trust Agreement.
"Call Date": Any Business Day on or after April 30, 2006 or after the
announcement of any redemption or other unscheduled payment or sale of the
Underlying Securities on which the Call Warrants are exercised and the
proceeds of an Optional Call (as defined in the Series Supplement) are
distributed to the holders of the Certificates pursuant to Section 7 of the
Series Supplement.
"Call Price": (i) in the case of the Class A-1 Certificates, the par
value of the Class A-1 Certificates being purchased pursuant to the exercise
of the Call Warrants, plus any accrued and unpaid interest on such amount to
but excluding the Call Date and (ii) in the case of the Class A-2
Certificates, any accrued and unpaid interest on the notional amount of the
Class A-2 Certificates being purchased pursuant to the exercise of the Call
Warrants to but excluding the Call Date, plus the additional amount (or
portion thereof, in the case of a partial call) set forth under the heading
"Value" in Schedule II to Series Supplement for such Call Date or, if such
Call Date is not a distribution date, the immediately following Distribution
Date.
"Call Warrant": As defined in the recitals.
"Closing Date": April 30, 2001.
"Depositor": As defined in the recitals.
"Depositor Order": As defined in the Trust Agreement.
"Person": Any individual, corporation, partnership, joint venture,
association, joint stock company, trust (including any beneficiary thereof),
unincorporated organization or government or any agency or political
subdivision thereof.
"Rating Agencies": Standard & Poor's Ratings Services and Xxxxx'x
Investors Service, Inc. and any successor thereto.
"Responsible Officer": As defined in the Trust Agreement.
"Securities Act": The Securities Act of 1933, or any similar federal
statute, and the rules and regulations of the Commission thereunder, all as
the same shall be in effect at the time.
"Trust": As defined in the recitals.
"Trust Agreement": As defined in the recitals.
"Trustee": As defined in the introduction to this Warrant, or any
successor thereto under the Trust Agreement.
"Warrant Agent": U.S. Bank Trust National Association, a national
banking association, in its capacity as warrant agent hereunder, or any
successor thereto.
ARTICLE V
Warrant Agent
Section 5.1 Limitation on Liability. The Warrant Agent shall be protected
and shall incur no liability for or in respect of any action taken, suffered
or omitted by it in connection with its administration of the Call Warrants in
reliance upon any instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate,
statement or other paper or document in good faith believed by it to be
genuine and to be signed, executed and, where necessary, verified and
acknowledged, by the proper Person or Persons.
Section 5.2 Duties of Warrant Agent. The Warrant Agent undertakes only
the specific duties and obligations imposed hereunder upon the following terms
and conditions, by all of which the Depositor, the Trust, the Trustee and each
holder of a Call Warrant shall be bound:
(a) The Warrant Agent may consult with legal counsel (who may be
legal counsel for the Depositor), and the opinion of such counsel shall be
full and complete authorization and protection to the Warrant Agent as to any
action taken or omitted by it in good faith and in accordance with such
opinion, provided the Warrant Agent shall have exercised reasonable care in
the selection by it of such counsel.
(b) Whenever in the performance of its duties hereunder, the Warrant
Agent shall deem it necessary or desirable that any fact or matter be proved
or established by the Depositor or the Trustee prior to taking or suffering
any action hereunder, such fact or matter may be deemed to be conclusively
proved and established by a Depositor Order or a certificate signed by a
Responsible Officer of the Trustee and delivered to the Warrant Agent; and
such certificate shall be full authorization to the Warrant Agent for any
action taken or suffered in good faith by it hereunder in reliance upon such
certificate.
(c) The Warrant Agent shall be liable hereunder only for its own
negligence, willful misconduct or bad faith.
(d) The Warrant Agent shall not be liable for or by reason of any of
the statements of fact or recitals contained herein or be required to verify
the same, but all such statements and recitals are and shall be deemed to have
been made by the Trust and the Depositor only.
(e) The Warrant Agent shall not have any responsibility in respect of
and makes no representation as to the validity of the Call Warrants or the
execution and delivery thereof (except the due execution hereof by the Warrant
Agent); nor shall it be responsible for any breach by the Trust of any
covenant or condition contained in the Call Warrants; nor shall it by any act
thereunder be deemed to make any representation or warranty as to the
Certificates to be purchased thereunder.
(f) The Warrant Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from the
Chairman of the Board, the Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer, President, a Vice President, a Senior Vice President,
a Managing Director, its Treasurer, an Assistant Treasurer, its Secretary or
an Assistant Secretary of the Depositor, and any Responsible Officer of the
Trustee, and to apply to such officers for advice or instructions in
connection with its duties, and it shall not be liable for any action taken or
suffered to be taken by it in good faith in accordance with instructions of
any such officer.
(g) The Warrant Agent and any shareholder, director, officer or
employee of the Warrant Agent may buy, sell or deal in any of the Call
Warrants or other securities of the Trust or otherwise act as fully and freely
as though it were not Warrant Agent hereunder, so long as such persons do so
in full compliance with all applicable laws. Nothing herein shall preclude the
Warrant Agent from acting in any other capacity for the Trust, the Depositor
or for any other legal entity.
(h) The Warrant Agent may execute and exercise any of the rights or
powers hereby vested in it or perform any duty hereunder either itself or by
or through its attorneys or agents.
(i) The Warrant Agent shall act solely as the agent of the Trust
hereunder. The Warrant Agent shall not be liable except for the failure to
perform such duties as are specifically set forth herein, and no implied
covenants or obligations shall be read into the Call Warrants against the
Warrant Agent, whose duties shall be determined solely by the express
provisions thereof. The Warrant Agent shall not be deemed to be a fiduciary.
(j) The Warrant Agent shall not be responsible for any failure on the
part of the Trustee to comply with any of its covenants and obligations
contained herein.
(k) The Warrant Agent shall not be under any obligation or duty to
institute, appear in or defend any action, suit or legal proceeding in respect
hereof, unless first indemnified to its satisfaction, but this provision shall
not affect the power of the Warrant Agent to take such action as the Warrant
Agent may consider proper, whether with or without such indemnity. The Warrant
Agent shall promptly notify the Depositor and the Trustee in writing of any
claim made or action, suit or proceeding instituted against it arising out of
or in connection with the Call Warrants.
(l) The Trustee will perform, execute, acknowledge and deliver or
cause to be performed, executed, acknowledged and delivered all such further
acts, instruments and assurances as may be required by the Warrant Agent in
order to enable it to carry out or perform its duties hereunder.
Section 5.3 Change of Warrant Agent. The Warrant Agent may resign and be
discharged from its duties hereunder upon thirty (30) days notice in writing
mailed to the Depositor and the Trustee by registered or certified mail, and
to the holders of the Call Warrants by first-class mail at the expense of the
Depositor; provided that no such resignation or discharge shall become
effective until a successor Warrant Agent shall have been appointed hereunder.
The Depositor may remove the Warrant Agent or any successor Warrant Agent upon
thirty (30) days notice in writing, mailed to the Warrant Agent or successor
Warrant Agent, as the case may be, and to the holders of the Call Warrants by
first-class mail; provided further that no such removal shall become effective
until a successor Warrant Agent shall have teen appointed hereunder. If the
Warrant Agent shall resign or be removed or shall otherwise become incapable
of acting, the Depositor shall promptly appoint a successor to the Warrant
Agent, which may be designated as an interim Warrant Agent. If an interim
Warrant Agent is designated, the Depositor shall then appoint a permanent
successor to the Warrant Agent, which may be the interim Warrant Agent. If the
Depositor shall fail to make such appointment of a permanent successor within
a period of thirty (30) days after such removal or within sixty (60) days
after notification in writing of such resignation or incapacity by the
resigning or incapacitated Warrant Agent or by the holder of a Call Warrant,
then the Warrant Agent or registered holder of any Warrant may apply to any
court of competent jurisdiction for the appointment of such a successor. Any
successor to the Warrant Agent appointed hereunder must be rated in one on the
four highest rating categories by the Rating Agencies. Any entity which may be
merged or consolidated with or which shall otherwise succeed to substantially
all of the trust or agency business of the Warrant Agent shall be deemed to be
the successor Warrant Agent without any further action.
ARTICLE VI
Miscellaneous
Section 6.1 Remedies. The remedies at law of the holder of the Call
Warrants in the event of any default or threatened default by the Warrant
Agent in the performance of or compliance with any of the terms of the Call
Warrants are not and will not be adequate and, to the full extent permitted by
law, such terms may be specifically enforced by a decree for the specific
performance of any agreement contained herein or by an injunction against a
violation of any of the terms thereof or otherwise.
Section 6.2 Limitation on Liabilities of Holder. Nothing contained in
this Warrant Agent Agreement shall be construed as imposing any obligation on
the holder thereof to purchase any of the Certificates except in accordance
with the terms thereof.
Section 6.3 Notices. All notices and other communications under this
Warrant Agent Agreement shall be in writing and shall be delivered, or mailed
by registered or certified mail, return receipt requested, by a nationally
recognized overnight courier, postage prepaid, addressed (a) if to any holder
of any Call Warrants, at the registered address of such holder as set forth in
the register kept by the Warrant Agent or (b) if to the Warrant Agent, to 000
Xxxx Xxxxxx, Xxxxx 0000, Xxx Xxxx, Xxx Xxxx 00000, Attention: Corporate Trust
or to such other address notice of which the Warrant Agent shall have given to
the holder thereof and the Trustee or (c) if to the Trust or the Trustee, to
the Corporate Trust Office (as set forth in the Trust Agreement); provided
that the exercise of any Call Warrants shall be effective on the manner
provided in Article I.
Section 6.4 Amendment. (a) This Warrant Agent Agreement may be amended
from time to time by the Depositor, the Trustee and the Warrant Agent without
the consent of any holder thereof, upon receipt of an opinion of counsel
satisfactory to the Warrant Agent that the provisions hereof have been
satisfied and that such amendment would not alter the status of the Trust as a
grantor trust under the Code, for any of the following purposes: (i) to cure
any ambiguity or to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein or to provide for
any other terms or modify any other provisions with respect to matters or
questions arising under the Call Warrant which shall nor adversely affect in
any material respect the interests of the holder thereof or any holder of a
Certificate or (ii) to evidence and provide for the acceptance of appointment
hereunder of a Warrant Agent other than U.S. Bank Trust National Association.
(b) Without limiting the generality of the foregoing, the Call
Warrants may also be modified or amended from time to time by the Depositor,
the Trustee and the Warrant Agent with the consent of the holders of 66-2/3%
of the Call Warrants, upon receipt of an opinion of counsel satisfactory to
the Warrant Agent that the provisions hereof (including, without limitation,
the following proviso) have seen satisfied, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions
of the Call Warrants or of modifying in any manner the rights of the holders
of the Call Warrants; provided, however, that no such amendment shall (i)
adversely affect in any material respect the interests of holders of
Certificates without the consent of the holders of Certificates evidencing nor
less than the Required Percentage-Amendment of the aggregate Voting Rights of
such affected Certificates (as such terms are defined in the Trust Agreement)
and without written confirmation from the Rating Agencies that such amendment
will not result in a downgrading or withdrawal of its rating of the
Certificates; (ii) alter the cares on which Call Warrants are exercisable or
the amounts payable upon exercise of a Warrant without the consent of the
holders of Certificates evidencing not less than 100% of the aggregate Voting
Rights of such affected Certificates and the holders of 100% of the affected
Call Warrants or (iii) reduce the percentage of aggregate Voting Rights
required by (i) or (ii) without the consent of the holders of all such
affected Certificates. Notwithstanding any other provision of this Warrant,
this Section 6.4(b) shall not be amended without the consent of the holders of
100% of the affected Call Warrants.
(c) Promptly after the execution of any such amendment or
modification, the Warrant Agent shall furnish a copy of such amendment or
modification to each holder of a Call Warrant, to the Trustee and to the
Rating Agencies. It shall not be necessary for the consent of holders of Call
Warrants or Certificates under this Section to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall
approve the substance thereof. The manner of obtaining such consents and of
evidencing the authorization of the execution thereof shall be subject to such
reasonable regulations as the Warrant Agent may prescribe.
Section 6.5 Expiration. The right to exercise the Call Warrants shall
expire on the earliest to occur of (a) the cancellation thereof, (b) the
termination of the Trust Agreement, (c) the liquidation, disposition, or
maturity of all of the Certificates, or (d) the occurrence of an Event of
Default under the Trust Agreement.
Section 6.6 Descriptive Headings. The headings in this Warrant Agent
Agreement are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof.
Section 6.7 GOVERNING LAW. THIS CALL WARRANT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED
BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT
OF LAWS.
Section 6.8 Judicial Proceedings; Waiver of Jury. Any judicial proceeding
brought against the Trust, the Trustee or the Warrant Agent with respect to
this Warrant Agent Agreement may be brought in any court of competent
jurisdiction in the County of New York, State of New York or of the United
States of America for the Southern District of New York and, by execution and
delivery of the Call Warrants, the Trustee on behalf of the Trust and the
Warrant Agent (a) accept, generally and unconditionally, the nonexclusive
jurisdiction of such courts and any related appellate court, and irrevocably
agree that the Trust, the Trustee and the Warrant Agent shall be bound by any
judgment rendered thereby in connection with this Warrant Agent Agreement or
the Call Warrants, subject to any rights of appeal, and (b) irrevocably waive
any objection that the Trust or the Trustee, the Warrant Agent may now or
hereafter have as to the venue of any such suit, action or proceeding brought
in such a court or that such court is an inconvenient forum.
Section 6.9 Nonpetition Covenant; No Recourse. Each of (i) the holder of
the Call Warrants by its acceptance thereof, and (ii) the Warrant Agent
agrees, that it shall not (and, in the case of the holder, that it shall not
direct the Warrant Agent to), until the date which is one year and one day
after the payment in full of the Certificates and all other securities issued
by the Trust, the Depositor or entities formed, established or settled by the
Depositor, acquiesce, petition or otherwise invoke or cause the Trust, the
Depositor, or any such other entity to invoke the process of the United States
of America, any State or other political subdivision thereof or any entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government for the purpose of commencing or
sustaining a case by or against the Trust, the Depositor or any such other
entity under a federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Trust, the Depositor or any such other entity
or all or any part of the property or assets of Trust, the Depositor or any
such other entity or ordering the winding up or liquidation of the affairs of
the Trust, the Depositor or any such other entity.
Each of (i) the holder of the Call Warrants, by its acceptance thereof,
and (ii) the Warrant Agent agrees, that it shall not have any recourse to the
Certificates.
U.S. BANK TRUST NATIONAL ASSOCIATION,
not in its individual
capacity but solely as
Trustee and Authenticating Agent
By:
-----------------------------------------
Authorized Signatory
U.S. BANK TRUST NATIONAL ASSOCIATION,
as Warrant Agent
By:
-----------------------------------------
Authorized Signatory
EXHIBIT C
FORM OF INVESTMENT LETTER
QUALIFIED INSTITUTIONAL BUYER
Dated: [_______________]
U.S. Bank Trust National Association,
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Xxxxxx Brothers Inc.
as initial Warrant Holder
3 World Financial Center
New York, New York 10285
Xxxxxx ABS Corporation
3 World Financial Center
New York, New York 10285
Ladies and Gentlemen:
In connection with our proposed purchase of ___________ Call Warrants
(the "Call Warrants") representing an interest in the Corporate Backed Trust
Certificates Series 2001-15 Trust (the "Trust"), the investor on whose behalf
the undersigned is executing this letter (the "Purchaser") confirms that:
(1) Reference is made to the Prospectus Supplement, dated April 19,
2001 (the "Prospectus Supplement"), with respect to the Certificates to which
the Call Warrants relate. Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Prospectus Supplement.
The Purchaser has received a copy of the Prospectus Supplement and such other
information as the Purchaser deems necessary in order to make its investment
decision and the Purchaser has been provided the opportunity to ask questions
of, and receive answers from, the Depositor and the Underwriters, concerning
the terms and conditions of the Call Warrants. The Purchaser has received and
understands the above, and understands that substantial risks are involved in
an investment in the Call Warrants. The Purchaser represents that in making
its investment decision to acquire the Call Warrants, the Purchaser has not
relied on representations, warranties, opinions, projections, financial or
other information or analysis, if any, supplied to it by any person, including
you, the Depositor or the Trustee or any of your or their affiliates, except
as expressly contained in the Prospectus Supplement and in the other written
information, if any, discussed above. The Purchaser has such knowledge and
experience in financial and business matters as to be capable of evaluating
the merits and risks of an investment in the Call Warrants, and the Purchaser
is able to bear the substantial economic risks of such an investment. The
Purchaser has relied upon its own tax, legal and financial advisors in
connection with its decision to purchase the Call Warrants.
(2) The Purchaser is (A) a "Qualified Institutional Buyer" (as
defined in Rule 144A under the Securities Act of 1933, as amended (the "1933
Act")) and (B) acquiring the Call Warrants for its own account or for the
account of an investor of the type described in clause (A) above as to each of
which the Purchaser exercises sole investment discretion. The Purchaser is
purchasing the Call Warrants for investment purposes and not with a view to,
or for, the offer or sale in connection with, a public distribution or in any
other manner that would violate the 1933 Act or the securities or blue sky
laws of any state.
(3) The Purchaser understands that the Call Warrants have not been
and will not be registered under the 1933 Act or under the securities or blue
sky laws of any state, and that (i) if it decides to resell, pledge or
otherwise transfer any Call Warrant, such Call Warrant may be resold, pledged
or transferred without registration only to an entity that has delivered to
the Depositor and the Trustee a certification that it is a Qualified
Institutional Buyer that purchases (1) for its own account or (2) for the
account of such a Qualified Institutional Buyer, that is, in either case,
aware that the resale, pledge or transfer is being made in reliance on said
Rule 144A and (ii) it will, and each subsequent holder will be required to,
notify any purchaser of any Call Warrant from it of the resale restrictions
referred to in clause (i) above.
(4) The Purchaser understands that each of the Call Warrants will
bear a legend to the following effect, unless otherwise agreed by the
Depositor and the Trustee:
"THIS CALL WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF
EXCEPT WHILE A REGISTRATION UNDER SUCH ACT IS IN EFFECT OR PURSUANT TO AN
EXEMPTION THEREFROM UNDER SUCH ACT. THIS CALL WARRANT REPRESENTED HEREBY MAY
BE TRANSFERRED ONLY IN COMPLIANCE WITH THE CONDITIONS SPECIFIED IN THIS CALL
WARRANT."
(5) The Purchaser understands that no subsequent transfer of the Call
Warrants is permitted unless it causes its proposed transferee to provide to
the Depositor and the initial Warrant Holder a letter substantially in the
form of Exhibit C to the Series Supplement, as applicable, or such other
written statement as the Depositor shall prescribe.
(6) The Purchaser agrees that if at some time in the future it wishes
to transfer or exchange any of the Call Warrants, it will not transfer or
exchange any of the Call Warrants unless such transfer or exchange is in
accordance with Section 3.2 of the Warrant Agent Agreement. The Purchaser
understands that any purported transfer of the Call Warrants (or any interest
therein) in contravention of any of the restrictions and conditions in the
Trust Agreement, as applicable, shall be void, and the purported transferee in
such transfer shall not be recognized by the Trust or any other Person as a
Warrant Holder.
You and the Trustee are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby.
Very truly yours,
By: ___________________________________
Name:
Title:
[Medallion Stamp to be affixed here]