<SEC-DOCUMENT>0001174947-22-000408.txt : 20220328
<SEC-HEADER>0001174947-22-000408.hdr.sgml : 20220328
<ACCEPTANCE-DATETIME>20220328162408
ACCESSION NUMBER:		0001174947-22-000408
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20211231
<DEPOSITOR-CIK>0001040240
<SPONSOR-CIK>0001040240
FILED AS OF DATE:		20220328
DATE AS OF CHANGE:		20220328
ABS ASSET CLASS:             	Debt Securities

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MERRILL LYNCH DEPOSITOR INC INDEXPLUS TRUST SERIES 2003-1
		CENTRAL INDEX KEY:			0001267332
		STANDARD INDUSTRIAL CLASSIFICATION:	ASSET-BACKED SECURITIES [6189]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31941
		FILM NUMBER:		22775762

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CENTER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>form10k-27613_indexpl20031.htm
<DESCRIPTION>10-K
<TEXT>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR> SECURITIES AND EXCHANGE COMMISSION</B> </DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B> </DIV>

<DIV align="center" style="font-size: 12pt">

<DIV align="center">

<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV> </DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 10-K</B> </DIV>

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  <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#9746; Annual Report Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#9744; Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</TD></TR>
</TABLE>



<DIV align="center" style="font-size: 12pt; margin-top: 12pt">

<DIV align="center">

<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV> </DIV>

<DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD> </TR>
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  <TR valign="bottom">
    <TD align="center" valign="top"><B>For the fiscal year ended:</B> </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Commission file number:</B></TD> </TR>
  <TR valign="bottom">
    <TD align="center" valign="top"><B>December&nbsp;31, 2021</B> </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-31941</B></TD> </TR>
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<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>MERRILL LYNCH DEPOSITOR, INC.</B> </DIV>

<DIV align="center" style="font-size: 10pt">(ON BEHALF OF INDEXPLUS TRUST SERIES 2003-1)</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD> </TR>
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<!-- Begin Table Body -->
  <TR valign="bottom">
    <TD align="center" valign="top">DELAWARE<BR> (State or other <BR> jurisdiction of <BR> incorporation) </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13-3891329<BR> (I. R. S. Employer<BR> Identification No.)</TD> </TR>
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  </TABLE> </DIV>

<DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD> </TR>
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<!-- Begin Table Body -->
  <TR valign="bottom">
    <TD align="center" valign="top">ONE BRYANT PARK, 4th FL <br> NEW YORK, NEW YORK<BR> (Address of principal <BR> executive offices)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10036<BR> (Zip Code)</TD> </TR>
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  </TABLE> </DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">

<DIV align="center">

<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: (646)&nbsp;855-6745</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities registered pursuant to Section 12(b) of the Act: </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">INDEXPLUS Trust Certificates Series&nbsp;2003-1, listed on The New York Stock
Exchange. Trading Symbol: IPB </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities registered pursuant to Section 12(g) of the Act: </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not Applicable. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule&nbsp;405 of the Securities Act. </DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is not required to file reports pursuant
to Section&nbsp;13 or Section 15(d) of the Act. </DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports
required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for such
shorter period that the registrant was required to file such reports), and (2)&nbsp;has been subject to such filing requirements for the
past 90&nbsp;days. </DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#254;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#111;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">

<p>Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).</p>

<div align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<font face="Wingdings">&#111;</font>&nbsp;No&nbsp;<font face="Wingdings">&#111;</font></div>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting company&#148; and &ldquo;emerging growth company&rdquo;
in Rule&nbsp;12b-2 of the Exchange Act.</div>

<div align="center" style="font-size: 10pt; margin-top: 12pt">Large accelerated filer <font face="Wingdings">&#111;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Accelerated filer <font face="Wingdings">&#111;</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer <font face="Wingdings">&#254;</font>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smaller reporting company <font face="Wingdings">&#111;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth
company <font face="Wingdings">&#111;</font></div>

<div align="left" style="font-size: 10pt; margin-top: 6pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">o</FONT></P> </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant has filed a report on and attestation
to its management&rsquo;s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley
Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.
&#9744;</div>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a shell company (as defined
in Rule&nbsp;12b-2 of the Act).
</div>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;No&nbsp;<FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price
of such common equity, as of the last business day of the registrant&#146;s most recently completed second fiscal quarter. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not Applicable. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate the number of shares outstanding for each of the registrant&#146;s
classes of common stock, as of the latest practicable date. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not Applicable. </div>


<DIV ALIGN="LEFT" STYLE="font-size: 10pt; margin-top: 6pt; page-break-before: always">



<div align="center" style="font-size: 10pt; margin-top: 12pt"><b>DOCUMENTS INCORPORATED BY REFERENCE</b></div>

<DIV STYLE="text-align: left; font-size: 10pt; margin-top: 6pt">For information with respect to the underlying securities held by INDEXPLUS
Trust Series&nbsp;2003-1, please refer to respective periodic reports, including annual reports on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K, and other information of: The Boeing Company (Commission file number 001-00442); Citigroup Inc.
(Commission file number 001-09924); Credit Suisse Group AG (Commission file number 001-33434) (condensed consolidated financial statements
with respect to guarantor Credit Suisse Group AG and issuer Credit Suisse (USA) of the underlying securities); Ford Motor Company (Commission
file number 001-03950); Ally Financial Inc. (Commission file number 001-03754); The Goldman Sachs Group, Inc. (Commission file number
001-14965); Johnson &#038; Johnson (Commission file number 001-03215); Macy&#146;s, Inc. (Commission file number 001-13536); AT&amp;T,
Inc. (formerly known as Warner Media LLC, the successor in interest to Time Warner LLC, the successor in interest to Time Warner Inc.)
(Commission file number 001-08610); United States Department of Treasury; Valero Energy Corporation (Commission file number 001-13175);
Verizon Communications Inc. (Commission file number 001-08606); ViacomCBS Inc. (formerly known as CBS Corporation)(Commission file number
001-09553) and Weyerhaeuser Company (Commission file number 001-04825) on file with the Securities and Exchange Commission (the &#147;SEC&rdquo;).
You can read and copy these reports and other information at the public reference facilities maintained by the SEC at Room&nbsp;1580,
100 F Street, N.E., Washington, D.C. 20549. You may obtain copies of this material for a fee by writing to the Public Reference Section
of the SEC at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information about the operation of the Public Reference Room
by calling the SEC at 1-800-SEC-0330. You can also access some of this information electronically by means of the SEC&#146;s website on
the Internet at http:// www.sec.gov, which contains reports, proxy and information statements and other information that the respective
underlying securities issuers have filed electronically with the SEC. The underlying securities issuer Daimler Finance North America LLC
(&ldquo;Daimler Finance&rdquo;) and the guarantor, Daimler AG, no longer file periodic Exchange Act reports. Unless and until the underlying
securities comprise 10% of the assets held by the trust, the trust is not required to liquidate its holdings of the asset. If such circumstances
were to occur, such as an increase in concentration of Daimler Finance assets to at least 10% of total trust assets, the asset would have
to be liquidated. The underlying securities issuer General Electric Capital Corporation no longer files periodic Exchange Act reports.
Unless and until the underlying securities comprise 10% of the assets held by the trust, the trust is not required to liquidate its holdings
of the asset. If such circumstances were to occur, such as an increase in concentration of General Electric Capital Corporation assets
to at least 10% of total trust assets, the asset would have to be liquidated. </DIV> </DIV>

<DIV STYLE="text-align: left; font-size: 10pt; margin-top: 6pt">Although we have no reason to believe the information concerning the respective
underlying securities or the respective underlying securities issuers contained in the underlying securities issuer&#146;s Exchange Act
reports are not reliable, neither the depositor nor the trustee participated in the preparation of such documents or made any due diligence
inquiry with respect to the information provided therein. No investigation with respect to the respective underlying securities issuers
(including, without limitation, no investigation as to their respective financial condition or creditworthiness) or of the respective
underlying securities has been made. You should obtain and evaluate the same information concerning the respective underlying securities
issuers as you would obtain and evaluate if your investment were directly in the respective underlying securities or in other securities
issued by the respective underlying securities issuers. There can be no assurance that events affecting the respective underlying securities
or the respective underlying securities issuers have not occurred or have not yet been publicly disclosed which would affect the accuracy
or completeness of the publicly available documents described above. </DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

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<DIV align="CENTER"><U><B>TABLE OF CONTENTS</B></U></DIV>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page000">PART I</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page001">ITEM 1. BUSINESS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page002">ITEM 1A. RISK FACTORS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page003">ITEM 1B. UNRESOLVED STAFF
COMMENTS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page004">ITEM 2. PROPERTIES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page005">ITEM 3. LEGAL PROCEEDINGS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page006">ITEM 4. MINE SAFETY DISCLOSURES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page007">PART II</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page008">ITEM 5. MARKET FOR REGISTRANT&#146;S
COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page009">ITEM 6. SELECTED FINANCIAL
DATA</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page010">ITEM 7. MANAGEMENT&#146;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page011">ITEM 7A. QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISK</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page012">ITEM 8. FINANCIAL STATEMENTS
AND SUPPLEMENTARY DATA</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page013">ITEM 9. CHANGES IN AND DISAGREEMENTS
WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page014">ITEM 9A. CONTROLS AND PROCEDURES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page015">ITEM 9B. OTHER INFORMATION</A></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#item9c">ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page016">PART III</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page017">ITEM 10. DIRECTORS, EXECUTIVE
OFFICERS AND CORPORATE GOVERNANCE</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page018">ITEM 11. EXECUTIVE COMPENSATION</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page019">ITEM 12. SECURITY OWNERSHIP
OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page020">ITEM 13. CERTAIN RELATIONSHIPS
AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page021">ITEM 14. PRINCIPAL ACCOUNTING
FEES AND SERVICES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page022">PART IV</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <A HREF="#page023">ITEM 15. EXHIBITS, FINANCIAL
STATEMENT SCHEDULES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="#page024">SIGNATURES</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="c27613ex31_1.htm">EX-31.1: CERTIFICATION</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="c27613ex99_1.htm">EX-99.1: TRUSTEE'S
ANNUAL COMPLIANCE CERTIFICATE</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="c27613ex99_2.htm">EX-99.2: REPORT OF
PRICEWATERHOUSECOOPERS LLP</A></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><A HREF="c27613ex99_3.htm">EX-99.3: REPORT OF
KPMG LLP</A></P>
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<DIV align="left"><A NAME="page000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PART I </DIV>
<!-- link2 "ITEM 1. BUSINESS" -->

<DIV align="left"><A NAME="page001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 1. BUSINESS </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Not Applicable.</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio --> </P> <HR SIZE=5 noshade>

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<DIV style="font-family: 'Times New Roman',Times,serif"></div>
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<DIV align="left"><A NAME="page002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 1A. RISK FACTORS </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Your investment in the trust certificates will involve certain
risks. You should carefully consider the following discussion of risks, and the other information included or incorporated by reference
in the applicable prospectus supplement and the accompanying prospectus. You should also carefully consider any risk factors and other
information that the underlying securities issuer may file in its Exchange Act reports as referenced in the &ldquo;Documents Incorporated
by Reference&rdquo; section above. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">IF THE TRUST CERTIFICATES OR ANY OF THE UNDERLYING SECURITIES
ARE REDEEMED PRIOR TO THEIR MATURITY DATE, YOU MAY NOT BE ABLE TO REINVEST YOUR REDEMPTION PROCEEDS AT A YIELD COMPARABLE TO THE YIELD
YOU WOULD HAVE RECEIVED ON YOUR TRUST CERTIFICATES. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The yield you will realize on your trust certificates depends
upon several factors, including: </DIV>

<DIV style="margin-top: 6pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase price of the trust certificates,</TD> </TR>
  <TR>
    <TD style="font-size: 6pt">&nbsp;</TD> </TR>
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when you acquire your trust certificates,</TD> </TR>
  <TR>
    <TD style="font-size: 6pt">&nbsp;</TD> </TR>
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether an underlying securities issuer exercises an option to redeem underlying securities, and</TD> </TR>
  <TR>
    <TD style="font-size: 6pt">&nbsp;</TD> </TR>
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the trust redeems the trust certificates prior to the final scheduled distribution date.</TD> </TR>
  </TABLE> </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The description of the underlying securities in the applicable
prospectus supplement indicates which of the underlying securities can be redeemed prior to maturity at the option of the associated underlying
securities issuer. Because the indicated underlying securities issuers have the right to redeem the indicated underlying securities early,
we cannot assure you that the trust will be able to hold those underlying securities until their maturity date. </DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio --> </P> <HR SIZE=5 noshade>

<!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 272; page: 272" -->

<DIV style="font-family: 'Times New Roman',Times,serif"></div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">YOU MAY NOT BE PAID IF THE ASSETS OF THE TRUST ARE INSUFFICIENT
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Distributions on the trust certificates will be made only
from available assets of the trust. The trust will have no significant assets other than the portfolio of underlying securities. The trust
certificates are not obligations of and do not represent any interests in the underwriter, the depositor, the trustee, the market agent,
the calculation agent or any of their affiliates. Neither we nor the underwriter, the trustee, the market agent, the calculation agent
or any other person or entity will be obligated to make any payments on the trust certificates from its own assets, and trust certificates
holders will have no recourse against any of them or their respective assets. If the payments received from the underlying securities
are insufficient to make distributions on the trust certificates, you may not receive all or part of the full amount due on your trust
certificates. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">NEITHER WE NOR THE TRUSTEE, THE UNDERWRITER, THE MARKET AGENT,
THE CALCULATION AGENT NOR ANY OF THEIR AFFILIATES WILL MANAGE THE UNDERLYING SECURITIES </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Except as described below, the trust will not dispose of any
of the underlying securities, even if an event occurs that adversely affects any underlying securities issuer and/or the value of any
or all of the underlying securities. Under the applicable trust agreement, the trust will dispose of an underlying security only if: </DIV>

<DIV style="margin-top: 6pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is a credit event on an underlying security or an underlying securities issuer,</TD> </TR>
  <TR>
    <TD style="font-size: 6pt">&nbsp;</TD> </TR>
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is a non-payment-related default that accelerates the maturity of an underlying security, or</TD> </TR>
  <TR>
    <TD style="font-size: 6pt">&nbsp;</TD> </TR>
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of an underlying securities issuer that is obliged to file Exchange Act reports, the relevant underlying securities issuer
        ceases to file Exchange Act reports and the related underlying securities comprise 10% or more of the assets of the trust.</TD> </TR>
  </TABLE> </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Under the above circumstances, the trustee must retain a market
agent who will sell the defaulted underlying security on or after the 30th day after receipt of notice of the default in accordance with
the sale procedures described in the applicable prospectus supplement and distribute the net proceeds from such sale to the holders of
the trust certificates pro rata even if adverse market conditions exist. Neither the trustee nor the market agent has discretion to do
otherwise. If adverse market conditions exist at the time of the sale of the underlying securities, you may incur greater losses than
if the trust continued to hold the underlying securities and sold them at a later date. </DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio --> </P> <HR SIZE=5 noshade>

<!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->

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<!-- MARKER PAGE="sheet: 273; page: 273" -->

<DIV style="font-family: 'Times New Roman',Times,serif"></div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE VALUE OF THE TRUST CERTIFICATES DEPENDS UPON THE CREDITWORTHINESS
OF THE UNDERLYING SECURITIES ISSUERS AND THE MARKET PRICES OF THE UNDERLYING SECURITIES. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The trust certificates represent interests in obligations
of the underlying securities issuers and will be subject to all the risks associated with directly investing in each underlying securities
issuer&#146;s debt obligations. The underlying indenture and the terms and conditions governing each underlying security may not limit
the amount of indebtedness that may be incurred by the relevant underlying securities issuer. In addition, an investment in the trust
certificates represents an investment in the underlying securities and most of the underlying securities are not listed on any securities
exchange. The underlying securities are generally purchased and sold through dealers who make a market in such securities for their own
accounts, and there may be significant disparities in the prices quoted for any of the underlying securities by securities dealers at
any point in time. Therefore, the market for any of the underlying securities is less liquid than the market for securities which are
traded through a securities exchange and the aggregate market value of a comparable amount of the underlying securities may be higher
than the market price of the trust certificates. You should consider the nature of each underlying security and the credit risk of each
underlying securities issuer before making an investment decision regarding the trust certificates. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE TRUST CERTIFICATEHOLDERS MAY SUFFER A LOSS UPON THE OCCURRENCE
OF A REMOVAL EVENT </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Should a removal event, as described in the applicable prospectus
supplement, occur with respect to an underlying security, the trustee on behalf of the trust will instruct the market agent to sell such
underlying security and distribute the net proceeds of the sale of such underlying security to the trust certificateholders. In such case,
the certificate principal balance of the trust certificates will be reduced by the principal amount of the underlying security subject
to such removal event. If the amount distributable to the trust certificateholders from the proceeds of the sale of the underlying securities
subject to the removal event is less than the principal amount of such underlying securities plus any accrued and unpaid interest thereof
the trust certificateholders will suffer a loss. Additionally, if less than all of such underlying securities are sold and the applicable
underlying securities issuer defaults on payments due on such unsold underlying securities, the trust certificateholders will suffer a
loss. The trust certificateholders will also bear the risk of reinvestment resulting from the reduction in the certificate principal balance
of the trust certificates. </DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio --> </P> <HR SIZE=5 noshade>

<!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 274; page: 274" -->

<DIV style="font-family: 'Times New Roman',Times,serif"></div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE PASS-THROUGH RATE MAY BE REDUCED UPON PAYMENT OF PRINCIPAL
ON OR THE OCCURRENCE OF A REMOVAL EVENT WITH RESPECT TO UNDERLYING SECURITIES </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Because the pass-through rate on the trust certificates will
be determined in part by the weighted average interest rate of the underlying securities, payments of principal on an underlying security
or the occurrence of a removal event may cause the pass-through rate to decrease depending upon the interest rate of such underlying security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">AS UNDERLYING SECURITIES ARE REMOVED FROM THE TRUST AT THEIR
MATURITY, REDEMPTION OR SALE, THE POOL OF UNDERLYING SECURITIES WILL BECOME LESS DIVERSIFIED AND YOUR EXPOSURE TO ECONOMIC FACTORS THAT
DISPROPORTIONATELY AFFECT ONE OR MORE OF THE REMAINING UNDERLYING SECURITIES WILL INCREASE. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">As underlying securities mature, underlying securities are
redeemed or sold, or removal events occur, the pool of underlying securities held by the trust will become less diversified. These events
could increase your risk of loss resulting from the decline in one or more of the economic factors disproportionately affecting any of
the remaining underlying securities. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">PRINCIPAL AND INTEREST PAYMENTS ON THE UNDERLYING SECURITIES
ARE UNSECURED OBLIGATIONS OF THE UNDERLYING SECURITIES ISSUERS </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Distributions on the trust certificates depend primarily on
principal and interest payments on the underlying securities. Some of these payments are unsecured obligations of the underlying securities
issuers. In any proceedings involving the insolvency, liquidation or winding up of an underlying securities issuer, holders of unsecured
securities of that underlying issuer will be paid only after the holders of that underlying securities issuer&#146;s secured obligations
are paid in full. As a result, you may not recover the principal amount of your trust certificates attributable to such underlying security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">THE RATINGS OF THE TRUST CERTIFICATES MAY CHANGE </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">At the time of issuance, Moody&#146;s and/or Fitch Ratings
assigned ratings to the trust certificates on the original issue date in one of the four highest categories assigned to long-term debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Any rating issued with respect to the trust certificates is
not a recommendation to purchase, sell or hold a security. Ratings do not reflect upon the market price of the trust certificates or their
suitability for a particular investor. We cannot assure you that initial ratings will remain for any given period of time or that a ratings
agency would not revise or withdraw entirely the ratings if, in its judgment, circumstances (including, without limitation, the rating
of any of the underlying securities) merit. A revision or withdrawal of a rating may adversely affect the market price of the trust certificates.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio --> </P> <HR SIZE=5 noshade>

<!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 275; page: 275" -->

<DIV style="font-family: 'Times New Roman',Times,serif"></div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">POTENTIAL CONFLICTS OF INTERESTS MAY ARISE BETWEEN US, THE
UNDERWRITER AND THE TRUST </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">We, BofA Securities, Inc. (formerly known as Bank
of America Merrill Lynch, the successor-in-interest to Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated), or one of its
affiliates acquired the underlying securities comprising the trust&#146;s portfolio. Potential conflicts of interests may
arise as BofA Securities, Inc. and its affiliates may engage in investment banking or may provide other services for some or
all of the underlying securities issuers. In addition, BofA Securities, Inc. and its affiliates may also own, make purchases
or sales, including sales to the trust, establish long or short positions or engage in hedging activities in some or all of
the underlying securities for their own accounts. All such activities may result in conflicts of interests among BofA
Securities, Inc., its affiliates and the trust certificateholders. </DIV>
<!-- link2 "ITEM 1B. UNRESOLVED STAFF COMMENTS" -->

<DIV align="left"><A NAME="page003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 1B. UNRESOLVED STAFF COMMENTS </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </DIV>
<!-- link2 "ITEM 2. PROPERTIES" -->

<DIV align="left"><A NAME="page004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 2. PROPERTIES </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None. </DIV>
<!-- link2 "ITEM 3. LEGAL PROCEEDINGS" -->

<DIV align="left"><A NAME="page005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 3. LEGAL PROCEEDINGS </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None. </DIV>
<!-- link2 "ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS" -->

<DIV align="left"><A NAME="page006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 4. MINE SAFETY DISCLOSURES</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </DIV>

<!-- link2 "PART II" -->

<DIV align="left"><A NAME="page007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PART II </DIV>
<!-- link2 "ITEM 5. MARKET FOR REGISTRANT&#146;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES" -->

<DIV align="left"><A NAME="page008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 6%; text-indent: -6%">ITEM 5. MARKET FOR REGISTRANT&#146;S COMMON
EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Trust Certificates issued by INDEXPLUS Trust Series&nbsp;2003-1
are represented by one or more physical certificates registered in the name of Cede &#038; Co., the nominee of the Depository Trust Company.
The Trust Certificates are listed on the New York Stock Exchange. </DIV>
<!-- link2 "ITEM 6. SELECTED FINANCIAL DATA" -->

<DIV align="left"><A NAME="page009"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 6. SELECTED FINANCIAL DATA </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </DIV>
<!-- link2 "ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS" -->

<DIV align="left"><A NAME="page010"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio --> </P> <HR SIZE=5 noshade>

<!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 276; page: 276" -->

<DIV style="font-family: 'Times New Roman',Times,serif"></div>
<!-- link2 "ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK" -->

<DIV align="left"><A NAME="page011"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </DIV>
<!-- link2 "ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA" -->

<DIV align="left"><A NAME="page012"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </DIV>
<!-- link2 "ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE" -->

<DIV align="left"><A NAME="page013"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None. </DIV>
<!-- link2 "ITEM 9A. CONTROLS AND PROCEDURES" -->

<DIV align="left"><A NAME="page014"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 9A. CONTROLS AND PROCEDURES </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Registrant has procedures so as to provide reasonable
assurance that its future Exchange Act filings will be filed within the applicable time periods. </DIV>
<!-- link2 "ITEM 9B. OTHER INFORMATION" -->

<DIV align="left"><A NAME="page015"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 9B. OTHER INFORMATION </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None. </DIV>
<!-- link2 "PART III" -->

<DIV align="left"><A NAME="page016"></A></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><A NAME="item9c"></A>ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PART III </DIV>
<!-- link2 "ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT" -->

<DIV align="left"><A NAME="page017"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </DIV>
<!-- link2 "ITEM 11. EXECUTIVE COMPENSATION" -->

<DIV align="left"><A NAME="page018"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 11. EXECUTIVE COMPENSATION </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </DIV>
<!-- link2 "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS" -->

<DIV align="left"><A NAME="page019"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 6%; text-indent: -6%">ITEM 12. SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS </DIV>

<DIV style="margin-top: 6pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities Authorized For Issuance Under Equity Compensation Plans: None.</TD> </TR>
  <TR>
    <TD style="font-size: 6pt">&nbsp;</TD> </TR>
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Ownership Of Certain Beneficial Owners: None.</TD> </TR>
  <TR>
    <TD style="font-size: 6pt">&nbsp;</TD> </TR>
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Ownership Of Management: Not Applicable.</TD> </TR>
  <TR>
    <TD style="font-size: 6pt">&nbsp;</TD> </TR>
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Changes In Control: None.</TD> </TR>
  </TABLE> </DIV>
<!-- link2 "ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS" -->

<DIV align="left"><A NAME="page020"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None. </DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio --> </P> <HR SIZE=5 noshade>

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<DIV style="font-family: 'Times New Roman',Times,serif"></div>
<!-- link2 "ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES" -->

<DIV align="left"><A NAME="page021"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable. </DIV>
<!-- link2 "PART IV" -->

<DIV align="left"><A NAME="page022"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">PART IV </DIV>
<!-- link2 "ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES" -->

<DIV align="left"><A NAME="page023"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(1) Financial Statements: Not Applicable. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(2) Financial Statement Schedules: Not Applicable. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)(3) List of Exhibits </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The following exhibits are filed as part of, and incorporated
by reference into, this Annual Report on Form 10-K: </DIV>

<DIV style="margin-top: 6pt">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  <TR STYLE="vertical-align: top; font-size: 10pt; color: #000000; background-color: transparent">
    <TD STYLE="background-color: transparent">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">4.1</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1267332/000094787103002697/f424b5_121503.txt" STYLE="-sec-extract: exhibit">For a description
        of the securities of the INDEXPLUS Trust Series 2003-1, see Prospectus Supplement (To Prospectus dated October 24, 2002) dated as of December
        11, 2003 filed by the Depositor with the SEC on December 15, 2003 and incorporated here by reference.</A> </TD></TR>
  <TR STYLE="vertical-align: top; font-size: 10pt; color: #000000; background-color: transparent">
    <TD STYLE="background-color: transparent">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">31.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><A HREF="c27613ex31_1.htm">Certification of the President of Registrant dated March 28, 2022, pursuant to Rules&nbsp;13a-14 and 15d-14
        under the Securities Exchange Act of 1934, as adopted pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002, with respect to
        the Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2021.</A></TD> </TR>
  <TR>
    <TD style="font-size: 6pt">&nbsp;</TD> </TR>
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><A HREF="c27613ex99_1.htm">Trustee&#146;s Annual Compliance Certificate dated February 22, 2022.</A></TD> </TR>
  <TR>
    <TD style="font-size: 6pt">&nbsp;</TD> </TR>
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><A HREF="c27613ex99_2.htm">Report of PricewaterhouseCoopers LLP, Independent Accountants, dated March 8, 2022, Registrant&#146;s Assertion
        on Compliance with PPLUS Minimum Servicing Standards dated March 8, 2022 and PPLUS Minimum Servicing Standards.</A></TD> </TR>
  <TR>
    <TD style="font-size: 6pt">&nbsp;</TD> </TR>
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><A HREF="c27613ex99_3.htm">Report of KPMG LLP, Independent Registered Public Accounting Firm, dated February 23, 2022, The
    Bank of New York Mellon&#146;s Assertion on Compliance with PPLUS Minimum Servicing Standards dated February 23, 2022 and PPLUS
    Minimum Servicing Standards.</A></TD> </TR>
  </TABLE> </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;Exhibits </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The Registrant hereby files as part of this Annual Report
on Form 10-K the exhibits listed in Item&nbsp;15(a)(3) set forth above. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(c)&nbsp;Financial Statement Schedules </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Not Applicable. </DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio --> </P> <HR SIZE=5 noshade>

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<DIV style="font-family: 'Times New Roman',Times,serif"></div>
<!-- link1 "SIGNATURES" -->

<DIV align="left"><A NAME="page024"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
requirements of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized. </DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
  <TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD> </TR>
  <TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MERRILL LYNCH DEPOSITOR, INC.<BR> &nbsp;</TD>
    <TD>&nbsp;</TD> </TR>
  <TR>
    <TD align="left">Date: March 28, 2022</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Matthew J. Nelson</TD>
    <TD>&nbsp;</TD> </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;</TD>
    <TD align="left">Matthew J. Nelson</TD>
    <TD>&nbsp;</TD> </TR>
  <TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD> </TR>
  </TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --> </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>c27613ex31_1.htm
<DESCRIPTION>EX-31.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT 31.1
</DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Matthew J. Nelson, certify that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;I have reviewed this annual report on Form 10-K, and all reports on
Form 8-K containing distribution or servicing reports filed in respect of
periods included in the year covered by this annual report, of Merrill Lynch
Depositor, Inc., on behalf of INDEXPLUS Trust Series&nbsp;2003-1;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Based on my knowledge, the information in these reports, taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by this annual report;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Based on my knowledge, the distribution or servicing information
required to be provided to the depositor by the trustee under the pooling and
servicing, or similar, agreement, for inclusion in these reports is included in
these reports;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;I am responsible for reviewing the activities performed by the
depositor and the trustee under the pooling and servicing, or similar, agreement
and based upon my knowledge and the annual compliance review required under that
agreement, and except as disclosed in the reports, the depositor and trustee
have each fulfilled its obligations under that agreement; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The reports disclose all significant deficiencies relating to the
compliance by the depositor or trustee with the minimum servicing or similar
standards based upon the report provided by an independent public accountant,
after conducting a review in compliance with the Uniform Single Attestation
Program for Mortgage Bankers or similar procedure, as set forth in the pooling
or servicing, or similar, agreement, that is included in these reports.
</DIV>
  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated parties: The Bank of New York Mellon and
its officers and agents.
</DIV>


  <TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
    <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="35%">&nbsp;</TD>
      <TD width="15%">&nbsp;</TD>
    </TR>
    <TR>
      <TD valign="top" align="left">&nbsp;</TD>
      <TD colspan="3" align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left">Date: March 28, 2022</TD>
      <TD COLSPAN="3" STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Matthew J. Nelson    </TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left">&nbsp;</TD>
      <TD colspan="3" align="left">

Matthew J. Nelson</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left">&nbsp;</TD>
      <TD colspan="3" align="left">President&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>
    <TR>
      <TD align="left">&nbsp;</TD>
      <TD colspan="3" align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
    </TR>

  </TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>c27613ex99_1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<DIV style="font-family: 'Times New Roman',Times,serif">
  <p align=CENTER><img src="bny_logo.jpg" width="253" height="80"></p>
  <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>EXHIBIT 99.1 </font></p>
  <!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Project" -->
  <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>THE BANK OF NEW YORK MELLON</font></p>
  <!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Project" -->
  <div align="center"><font face="Times New Roman, Times, Serif" size=2>Officer&#146;s Certificate </font>
</div>
  <hr noshade size="1" width="200">
  <!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Project" -->
  <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>February 22, 2022</font></p>
  <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->
  <p><font face="Times New Roman, Times, Serif" size=2>MERRILL LYNCH DEPOSITOR, INC. <br>
    One Bryant Park<br>
  4th Floor &#150; Structured Credit Trading<br>
  New York, New York 10036 </font></p>
  <!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Project" -->
  <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>PREFERREDPLUS, PPLUS
TRUST AND INDEXPLUS CERTIFICATE </font></p>
  <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->
  <p><font face="Times New Roman, Times, Serif" size=2>The undersigned, Terrence White,
Vice President of The Bank of New York Mellon (formerly The Bank of New York), a New York corporation (the &#147;Trustee&#148;), hereby
certifies in such capacity that, based on his knowledge, the Trustee has complied, in all
material respects, with all conditions and covenants applicable to the Trustee  under the
Standard Terms for Trust Agreements dated February 20, 1998 between
  MERRILL LYNCH DEPOSITOR, INC., as depositor (the &#147;Depositor&#148;) and the Trustee, as successor to United
States Trust Company of New York, as trustee and securities intermediary (the &#147;Securities
Intermediary&#148;), in each case  amended as by a series supplement between the Depositor, the
Trustee and the Securities Intermediary for each trust series listed in the attached
schedule.</font></p>
</DIV>
<DIV style="font-family: 'Times New Roman',Times,serif">
<table width=100%>
    <tr align="center" valign=top>
      <td width=50%><font size=2> </font></td>
      <td width=50%><font size=2>&nbsp;</font></td>
    </tr>
  </table>
  <table width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
    <tr>
      <td width="48%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="35%">&nbsp;</td>
      <td width="15%">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" align="left">&nbsp;</td>
      <td colspan="3" align="left">Very truly yours,<br>
        <br>
The Bank of New York Mellon (formerly
<br>
        The Bank of New York), as Trustee
<br>
        &nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td valign="top">By:&nbsp;&nbsp;</td>
      <td style="border-bottom: 1px solid #000000" align="left">/s/
<font face="Times New Roman, Times, Serif" size=2></font></td>
      <td style="border-bottom: 1px solid #000000" align="left"><font face="Times New Roman, Times, Serif" size=2>Terrence White</font></td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td>&nbsp;</td>
      <td valign="top">Name:&nbsp;&nbsp;</td>
      <td align="left"><font face="Times New Roman, Times, Serif" size=2>Terrence White</font></td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td>&nbsp;</td>
      <td valign="top">Title:&nbsp;&nbsp;</td>
      <td align="left">Vice President&nbsp;</td>
      <td>&nbsp;</td>
    </tr>

  </table>
  <!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Project" -->
<br>
  &nbsp;
  <table width=100%>
    <tr>
      <td width=20% align=left><font size=1>&nbsp;</font></td>
      <td width=60% align=center><font size="2">
 </font></td>
      <td width=20% align=right><font size="1">&nbsp;</font></td>
    </tr>
  </table>
  <HR SIZE=5 noshade> <!-- Field: Page; Sequence: 1 -->   <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV> <!-- Field: /Page -->


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<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Project" -->
  <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>SCHEDULE </font></p>
  <!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Project" -->
  <p><font face="Times New Roman, Times, Serif" size=2>
    PPLUS Trust Series GSC-2 <br>
    PreferredPLUS Trust Series CZN-1 <br>
INDEXPLUS Trust Series 2003-1
  &nbsp;
  </font></p>
  <table width=100%>
    <tr>
      <td width=20% align=left><font size=1>&nbsp;</font></td>
      <td width=60% align=center><font size="2">
</font></td>
      <td width=20% align=right><font size="1">&nbsp;</font></td>
    </tr>
  </table>
  <HR SIZE=5 noshade>

</DIV>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>c27613ex99_2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV ALIGN="CENTER" STYLE="font-size: 10pt; margin-top: 18pt; text-align: left">
    <p style="text-align: center;">EXHIBIT 99.2</p>
    <p style="text-align: center;">[PricewaterhouseCoopers Letterhead]</p>

  <P STYLE="font: 10pt/11.1pt Times New Roman, Times, Serif; margin-top: 1.85pt; text-align: center; margin-bottom: 0"><B>Report of Independent Accountants</B></P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0">To the Board of Directors and
Management of Merrill Lynch Depositor, Inc.:</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0">We have examined the accompanying
management assertion of Merrill Lynch Depositor, Inc. (the &ldquo;Company&rdquo;), that the Company complied with the PPLUS
Minimum Servicing Standards with respect to the INDEXPLUS Trust Series 2003-1 as set forth in Appendix I as of and for the
year ended December 31, 2021. The Company&rsquo;s management is responsible for its assertion. Our responsibility is to
express an opinion on management's assertion about the Company&rsquo;s compliance with the specified requirements based on
our examination.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our examination was conducted in accordance
with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that
we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the
specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence
about whether management&rsquo;s assertion is fairly stated, in all material respects. The nature, timing and extent of the procedures
selected depend on our judgment, including an assessment of the risks of material misstatement of management&rsquo;s assertion,
whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis
for our opinion.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 0">Our examination does not provide a legal determination
on the Company&rsquo;s compliance with the specified requirements.</P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0">In our opinion, management&rsquo;s
assertion that the Company complied with the PPLUS Minimum Servicing Standards with respect to the INDEXPLUS Trust Series
2003-1 as set forth in Appendix I as of and for the year ended December 31, 2021 is fairly stated, in all material
respects.</P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">/s/ PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt/13pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 0">New York, NY</P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0; text-indent: 0">March 8, 2022</P>



</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Management&#146;s Assertion on Compliance with PPLUS Minimum<BR>
Servicing Standards
</DIV>


  <DIV align="left" style="font-size: 10pt; margin-top: 12pt">
March 8,
2022
</DIV>

  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of and
for the year ended December&nbsp;31, 2021, Merrill Lynch Depositor, Inc.
(the &#147;Company&#148;) has complied, in all material respects, with the Company&#146;s
established minimum servicing standards, as set forth in Appendix&nbsp;I, for
servicing the securities in each of the Trust Series, as listed on Schedule&nbsp;A
hereto, excluding those with respect to the Bank of New York Mellon as Trustee,
Custodian, Paying Agent and Transfer Agent.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>

</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
      <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Matthew J. Nelson</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
      <TD colspan="2" align="left">Matthew J. Nelson</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
      <TD colspan="2" align="left">President<BR>
Merrill Lynch Depositor, Inc.&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">***************
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></p>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE A
</DIV>


  <DIV align="left" style="font-size: 10pt; margin-top: 6pt">PreferredPLUS Trust Series&nbsp;CZN-1<BR>
  PPLUS Trust Series&nbsp;GSC-2<BR>
  INDEXPLUS Trust Series 2003-1

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio --></p>
</DIV>


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<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0"><B>Appendix I</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0; text-align: center"><B>PPLUS Minimum Servicing Standards intended
for use</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0; text-align: center"><B>in connection with the Annual Accountants
Report (&quot;AAR&quot;)</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0.25in">Below is Merrill Lynch Depositor, Inc.'s (&quot;the
Depositor&quot;), Merrill Lynch Structured Credit Derivatives (&quot;SCD&quot;) and the Merrill Lynch Credit Derivatives Operations
Group (&quot;OG&quot;) (collectively, &ldquo;Merrill Lynch&rdquo;) minimum servicing standards for the PreferredPlus Program (&quot;PPlus&quot;).
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 14.2pt 12pt 0.25in"><FONT STYLE="font-family: Georgia, Times, Serif">The
Bank of New York Mellon (&quot;the Bank&quot; or &#8220;the Trustee&#8221;) acting as Trustee, Custodian, Paying Agent, and Transfer
Agent on behalf of the PPlus Program has agreed to comply with all of the following minimum servicing standards. Merrill Lynch
has obtained a certification from the Bank that it has complied with these criteria for
the period January 1, 2021 to December 31, 2021.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 15%; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 48%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Criteria</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by the Depositor</B></FONT> </TD>
    <TD STYLE="width: 18%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>CUSTODIAL BANK ACCOUNT RECONCILIATIONS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank must reconcile all related custodial bank accounts.</FONT><BR>
<BR>
</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank will include the Distribution report as Exhibit 99.1 in the Form 8-Ks filed with the SEC.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-top: 12pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>&nbsp;X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS</B></FONT></TD></TR>

<TR>
    <TD ROWSPAN="3" STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>2</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank must have a tickler system in place so that they will be expecting and monitoring the custodial bank account for receipt of the collateral coupon interest.&nbsp;&nbsp;Each of the tickler systems shall be updated on an on-going basis as each new trust series is created.</FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank will ensure all interest payments are deposited into the custodial bank accounts and related bank clearing accounts on the day the Bank is in receipt of the funds. </FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank must prove the arithmetic accuracy of the amount of interest received by the Trust from the underlying securities and ensure that the face amount, description, coupon rate, and maturity date of the securities held in the
    Trust agree to the PPM Supplement dated Date XX, 20XX.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Reference</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Criteria</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by the Depositor</B></FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif"><B>TRUST DISBURSEMENTS</B></FONT> </TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 15%"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt; width: 48%"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank must prove the arithmetic accuracy of the amount of interest to be paid by the Trust to the Debt Unit holders by
    referring to the PPM Supplement dated Date XX, 20XX.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 19%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 18%"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank will make all disbursements via wire transfer to The Depository Trust Company (&quot;DTC&quot;) on the scheduled trust distribution date as soon as the amount of interest received from the underlying collateral into the custodial bank account has been received and verified for accuracy.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>PARTIAL REDEMPTIONS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>4</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is a partial redemption of the trust certificates the Bank and the Depositor must ensure that the redemption proceeds received by the Trust and distributed by the Bank are in accordance with the series supplement.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>DEFAULTS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If the Bank has actual knowledge of an event of default on the underlying securities that did not cause the Trust to liquidate, the Bank must distribute a formal notice of default to the Depositor, the certificateholders, the rating agencies and SCD/OG.</FONT> </TD>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If the Bank has actual knowledge of an event of default on the underlying securities that did not cause the Trust to liquidate, the procedures for a vote or consent of the certificateholders as set forth in the Standard Terms and series Supplement must be complied with.</FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; padding-top: 12pt; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES</B></FONT></TD></TR>

<TR>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the Trust to liquidate, the Bank must give the Depositor and the affected certificateholders notice of any exercise of call warrants or optional exchange.&nbsp;&nbsp;Such notice must contain the amount of certificates to be purchased, the call price, and any other relevant information.</FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Reference</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Criteria</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by the Depositor</B></FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
   <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10.5pt; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the trust to liquidate, the Bank must notify the rating agencies of the call exercise or optional exchange.</FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 48%; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the trust to liquidate, the Bank must give notice of exercise or optional exchange to the Depositor and certificate registrar of any certificates that were called.</FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 19%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 18%"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT> </TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>COMMUNICATIONS WITH CERTIFICATEHOLDERS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>7</B></FONT></TD>
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        <P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt">If there was any occasion for the exercise of voting rights or
        giving consents by the certificateholders, the Bank must provide notice to the certificateholders within 5 business days of the
        Trust's receipt of notice of the occasion and the Bank must vote or give consents as directed by certificateholders.</P></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
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<FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
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    <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>EXHIBIT 99.3 </font></p>
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>[KPMG LLP Letterhead]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">KPMG LLP<BR>
Aon Center<BR>
Suite 5500<BR>
200 E. Randolph Street<BR>
Chicago, IL 60601-6436&nbsp;</p>
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    <p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>Independent
Accountants&#146; Report </b></font></p>
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    <p><font face="Times New Roman, Times, Serif" size=2>The Board of Directors <br>
      The Bank of
New York Mellon: </font></p>

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<P STYLE="font: 10pt Times New Roman, Times, Serif">We have examined the accompanying Management Assertion from The Bank of
New York Mellon (the &ldquo;Bank&rdquo;) that the Bank complied with the PPLUS Minimum Servicing Standards (&ldquo;Servicing
Standards&rdquo;) for the INDEXPLUS Trust Series 2003-1 transaction as of and for the year ended December 31, 2021. With
respect to Servicing Standards 4, 5 and 6, the Management Assertion indicates that there were no activities performed as of and
for the year ended December 31, 2021 with respect to the INDEXPLUS Trust Series 2003-1 transaction, because there were no
occurrences of events that would require the Bank to perform such activities. The Bank&rsquo;s management is
responsible for its assertion. Our responsibility is to express an opinion on the Management Assertion about the
Bank&rsquo;s compliance with the specified requirements based on our examination. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Our examination was conducted in accordance with attestation
standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform
the examination to obtain reasonable assurance about whether the Management Assertion about compliance with the specified requirements
is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether the
Management Assertion is fairly stated, in all material respects. The nature, timing, and extent of the procedures selected depend
on our judgment, including an assessment of the risks of material misstatement of the Management Assertion, whether due to fraud
or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Our examination does not provide a legal determination on
the Bank&#146;s compliance with specified requirements. </p>
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<P STYLE="font: 10pt Times New Roman, Times, Serif">In our opinion, the Management Assertion that the Bank complied with the
aforementioned PPLUS Minimum Servicing Standards for the INDEXPLUS Trust Series 2003-1 transaction as of and for the year
ended December 31, 2021 is fairly stated, in all material respects. </p>
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    <p><font face="Times New Roman, Times, Serif" size=2>/s/ KPMG LLP </font></p>

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<p><font face="Times New Roman, Times, Serif" size=2>Chicago, Illinois <br>
      February 23, 2022 </font></p>
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    <p align=CENTER><font face="Times New Roman, Times, Serif" size=2>MANAGEMENT ASSERTION </font></p>

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<p><font face="Times New Roman, Times, Serif" size=2>The Bank of New York Mellon (formerly The Bank of New York) (the
&ldquo;Bank&rdquo;) is responsible for complying with the requirements of the PPLUS Minimum Servicing Standards
(&ldquo;Servicing Standards&rdquo;) as they relate to the INDEXPLUS Trust Series 2003-1 transaction. With respect to
Servicing Standards 4, 5 and 6, there were no activities performed as of and for the year ended December 31, 2021 with respect
to the INDEXPLUS Trust Series 2003-1 transaction, because there were no occurrences of events that would require the Bank to
perform such activities. The Bank is responsible for establishing and maintaining effective internal control over compliance
with the Servicing Standards. The Bank has performed an evaluation of its compliance with the requirements of the Servicing
Standards as it relates to INDEXPLUS Trust Series 2003-1 as of and for the year ended December 31, 2021. Based on this
evaluation, the Bank asserts that as of and for the year ended December 31, 2021, it has complied with the requirements of
the PPLUS Minimum Servicing Standards (attached). <br> <br> </font></p>



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      <font size="2">/s/ </font><font face="Times New Roman, Times, Serif" size=2>Linda Derrick </font>

      <hr noshade align="left" width="200" size="1">
  <font face="Times New Roman, Times, Serif" size=2>The Bank of New York Mellon<br>
      Linda Derrick <br>
      Global Head of Client Service, Issuer Services <br>
      <br>
      February 23, 2022
      </font></td>
    <td width="50%">

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<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0"><B>Appendix I</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0; text-align: center"><B>PPLUS Minimum Servicing Standards intended
for use</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0; text-align: center"><B>in connection with the Annual Accountants
Report (&quot;AAR&quot;)</B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 14.2pt 12pt 0.25in">Below is Merrill Lynch Depositor, Inc.'s (&quot;the
Depositor&quot;), Merrill Lynch Structured Credit Derivatives (&quot;SCD&quot;) and the Merrill Lynch Credit Derivatives Operations
Group (&quot;OG&quot;) (collectively Merrill Lynch) minimum servicing standards for the PreferredPlus Program (&quot;PPlus&quot;).
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 14.2pt 12pt 0.25in"><FONT STYLE="font-family: Georgia, Times, Serif">The
Bank of New York Mellon (&quot;the Bank&quot; or &#8220;the Trustee&#8221;) acting as Trustee, Custodian, Paying Agent, and Transfer
Agent on behalf of the PPlus Program has agreed to comply with all of the following minimum servicing standards. Merrill Lynch
has obtained a certification from the Bank that it has complied with these criteria for
the period January 1, 2021 to December 31, 2021.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 15%; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 48%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Criteria</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by the Depositor</B></FONT> </TD>
    <TD STYLE="width: 18%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>CUSTODIAL BANK ACCOUNT RECONCILIATIONS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank must reconcile all related custodial bank accounts.</FONT><BR>
<BR>
</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank will include the Distribution report as Exhibit 99.1 in the Form 8-Ks filed with the SEC.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-top: 12pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>&nbsp;X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS</B></FONT></TD></TR>

<TR>
    <TD ROWSPAN="3" STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>2</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank must have a tickler system in place so that they will be expecting and monitoring the custodial bank account for receipt of the collateral coupon interest.&nbsp;&nbsp;Each of the tickler systems shall be updated on an on-going basis as each new trust series is created.</FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank will ensure all interest payments are deposited into the custodial bank accounts and related bank clearing accounts on the day the Bank is in receipt of the funds. </FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank must prove the arithmetic accuracy of the amount of interest received by the Trust from the underlying securities and ensure that the face amount, description, coupon rate, and maturity date of the securities held in the Trust agree to the PPM Supplement dated Date XX, 20XX.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
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    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Reference</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Criteria</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by the Depositor</B></FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif"><B>TRUST DISBURSEMENTS</B></FONT> </TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 15%"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>3</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt; width: 48%"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank must prove the arithmetic accuracy of the amount of interest to be paid by the Trust to the Debt Unit holders by referring to the PPM Supplement dated Date XX, 20XX.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 19%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; width: 18%"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">The Bank will make all disbursements via wire transfer to The Depository Trust Company (&quot;DTC&quot;) on the scheduled trust distribution date as soon as the amount of interest received from the underlying collateral into the custodial bank account has been received and verified for accuracy.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>PARTIAL REDEMPTIONS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>4</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is a partial redemption of the trust certificates the Bank and the Depositor must ensure that the redemption proceeds received by the Trust and distributed by the Bank are in accordance with the series supplement.</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>DEFAULTS</B></FONT></TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If the Bank has actual knowledge of an event of default on the underlying securities that did not cause the Trust to liquidate, the Bank must distribute a formal notice of default to the Depositor, the certificateholders, the rating agencies and SCD/OG.</FONT> </TD>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If the Bank has actual knowledge of an event of default on the underlying securities that did not cause the Trust to liquidate, the procedures for a vote or consent of the certificateholders as set forth in the Standard Terms and series Supplement must be complied with.</FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-left: 5.4pt; text-align: center; padding-top: 12pt; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES</B></FONT></TD></TR>

<TR>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>6</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the Trust to liquidate, the Bank must give the Depositor and the affected certificateholders notice of any exercise of call warrants or optional exchange.&nbsp;&nbsp;Such notice must contain the amount of certificates to be purchased, the call price, and any other relevant information.</FONT></TD>
    <TD STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif; margin-bottom: 12pt">
<TR STYLE="background-color: #C00000">
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>MINIMUM Servicing STANDARD</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Applicable</B></FONT><BR>
<FONT STYLE="font: 10pt Georgia, Times, Serif; text-transform: uppercase; color: white"><B>Servicing STANDARD</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Reference</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Criteria</B></FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by the Depositor</B></FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>Performed by Bank/Trustee</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
   <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10.5pt; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the trust to liquidate, the Bank must notify the rating agencies of the call exercise or optional exchange.</FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-left: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 48%; padding-bottom: 12pt"><FONT STYLE="font: 10pt Georgia, Times, Serif">If there is an exercise of call warrants or an optional exchange of trust certificates for underlying securities that did <U>not</U> cause the trust to liquidate, the Bank must give notice of exercise or optional exchange to the Depositor and certificate registrar of any certificates that were called.</FONT> </TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 19%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 18%"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT> </TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding: 12pt 5.4pt; text-align: center; font-size: 10.5pt"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>COMMUNICATIONS WITH CERTIFICATEHOLDERS</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Georgia, Times, Serif"><B>7</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 0 12pt">If there was any occasion for the exercise of voting rights or
        giving consents by the certificateholders, the Bank must provide notice to the certificateholders within 5 business days of the
        Trust's receipt of notice of the occasion and the Bank must vote or give consents as directed by certificateholders.</P></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle">
<FONT STYLE="font: 10pt Georgia, Times, Serif"><B>X</B></FONT></TD></TR>
</TABLE>

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end
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</DOCUMENT>
</SEC-DOCUMENT>
