EXHIBIT 25-b

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM T-1

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY
OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)

BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)

A National Banking Association 31-0838515
(I.R.S. employer
identification number)

100 East Broad Street
Columbus, Ohio 43271-0181
(Address of principal executive offices) (Zip Code)

Bank One Trust Company, National Association
1 Bank One Plaza, 20th Floor, Mail Code IL1-0120
Chicago, Illinois 60670-0120
Attn: Christopher Holly, Law Department (312) 732-1643
(Name, address and telephone number of agent for service)

MORGAN STANLEY
(Exact name of obligor as specified in its charter)

Delaware 36-3145972
(State or other jurisdiction of incorporation) (IRS Employer Identification
No.)

1585 Broadway
New York, New York 10036
(Address of principal executive offices) (Zip Code)

--------------
Subordinated Debt Securities
(Title of Indenture Securities)

Item 1. General Information. Furnish the following information as to the
trustee:

(a) Name and address of each examining or supervising authority to
which it is subject.

Comptroller of Currency, Washington, D.C.;
Federal Deposit Insurance Corporation,
Washington, D.C.; The Board of Governors of
the Federal Reserve System, Washington D.C.

(b) Whether it is authorized to exercise corporate trust powers.

The trustee is authorized to exercise corporate trust powers.

Item 2. Affiliations With the Obligor. If the obligor is an affiliate of the
trustee, describe each such affiliation.

No such affiliation exists with the trustee.

Item 16. List of exhibits. List below all exhibits filed as a part of this
Statement of Eligibility.

1. A copy of the articles of association of the trustee now in
effect.

2. A copy of the certificates of authority of the trustee to
commence business.

3. A copy of the authorization of the trustee to exercise corporate
trust powers.

4. A copy of the existing by-laws of the trustee.

5. Not Applicable.

6. The consent of the trustee required by Section 321(b) of the
Act.

7. A copy of the latest report of condition of the trustee
published pursuant to law or the requirements of its supervising
or examining authority.

8. Not Applicable.

9. Not Applicable.

Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the trustee, Bank One Trust Company, National Association, a
national banking association organized and existing under the laws of the
United States of America, has duly caused this Statement of Eligibility to
be signed on its behalf by the undersigned, thereunto duly authorized, all
in the City of Chicago and State of Illinois, on the 30th, day of June
2003.

Bank One Trust Company, National Association,
Trustee

By: /s/ Christopher Holly
------------------------
Christopher Holly
Vice President

EXHIBIT 1

A COPY OF THE ARTICLES OF ASSOCIATION OF THE
TRUSTEE NOW IN EFFECT

AMENDED AND RESTATED
ARTICLES OF ASSOCIATION
of
BANK ONE TRUST COMPANY, National Association

FIRST. The title of this Association shall be BANK ONE TRUST COMPANY, National
Association.

SECOND. The main office of the Association shall be in the City of Columbus,
County of Franklin, State of Ohio.

The business of the Association will be limited to the fiduciary powers and the
support of activities incidental to the exercise of those powers. The
Association will not expand or alter its business beyond that stated in this
article without the prior approval of the Comptroller of the Currency.

THIRD. The Board of Directors of this Association shall consist of not less
than five nor more than twenty-five persons, the exact number to be fixed and
determined from time to time by resolution of a majority of the full Board of
Directors or by resolution of a majority of the shareholders at any annual or
special meeting thereof. Each director shall own common or preferred stock of
the Association, or of a holding company owning the Association, with an
aggregate par, fair market or equity value of not less than $1,000, as of
either (i) the date of purchase, (ii) the date the person became a director, or
(iii) the date of that person's most recent election to the Board of Directors,
whichever is more recent. Any combination of common or preferred stock of the
Association or holding company may be used.

Any vacancy in the Board of Directors may be filled by action of a majority of
the remaining directors between meetings of shareholders. The Board of
Directors may not increase the number of directors between meetings of
shareholders to a number which: (1) exceeds by more than two the number of
directors last elected by shareholders where the number was 15 or less; or (2)
exceeds by more than four the number of directors last elected by shareholders
where the number was 16 or more, but in no event shall the number of directors
exceed 25.

Terms of directors, including directors selected to fill vacancies, shall
expire at the next regular meeting of shareholders at which directors are
elected, unless the directors resign or are removed from office.

Despite the expiration of a director's term, the director shall continue to
serve until his or her successor is elected and qualifies or until there is a
decrease in the number of directors and his or her position is eliminated.

Honorary or advisory members of the Board of Directors, without voting power or
power of final decision in matters concerning the business of the Association,
may be appointed by resolution of a majority of the full Board of Directors, or
by resolution of shareholders at any annual or special meeting. Honorary or
advisory directors shall not be counted to determine the number of directors of
the Association or the presence of a quorum in connection with any board
action, and shall not be required to own qualifying shares.

FOURTH. There shall be an annual meeting of the shareholders to elect directors
and transact whatever other business may be brought before the meeting. It
shall be held at the main office or any other convenient place the Board of
Directors may designate, on the day of each year specified therefor in the
Bylaws or, if that day falls on a legal holiday in the state in which the
Association is located, on the next following banking day. If no election is
held on the day fixed or in the event of a legal holiday on the following
banking day, an election may be held on any subsequent day within 60 days of
the day fixed, to be designated by the Board of Directors or, if the directors
fail to fix the day, by shareholders representing two-thirds of the shares
issued and outstanding. In all cases at least 10 days advance notice of the
meeting shall be given to the shareholders by first class mail.

In all elections of directors, the number of votes each common shareholder may
cast will be determined by multiplying the number of shares such shareholder
owns by the number of directors to be elected. Those votes may be cumulated and
cast for a single candidate or may be distributed among two or more candidates
in the manner selected by the shareholder. On all other questions, each common
shareholder shall be entitled to one vote for each share of stock held by such
shareholder. If the issuance of preferred stock with voting rights has been
authorized by a vote of shareholders owning a majority of the common stock of
the association, preferred shareholders will have cumulative voting rights and
will be included within the same class as common shareholders, for purposes of
elections of directors.

A director may resign at any time by delivering written notice to the Board of
Directors, its chairperson, or to the Association, which resignation shall be
effective when the notice is delivered unless the notice specifies a later
effective date.

A director may be removed by shareholders at a meeting called to remove him or
her, when notice of the meeting stating that the purpose or one of the purposes
is to remove him or her is provided, if there is a failure to fulfill one of
the affirmative requirements for qualification, or for cause, provided,
however, that a director may not be removed if the number of votes sufficient
to elect him or her under cumulative voting is voted against his or her
removal.

FIFTH. The authorized amount of capital stock of this Association shall be
eighty thousand shares of common stock of the par value of ten dollars ($10.00)
each; but said capital stock may be increased or decreased from time to time,
according to the provisions of the laws of the United States.

No holder of shares of the capital stock of any class of the Association shall
have any preemptive or preferential right of subscription to any shares of any
class of stock of the Association, whether now or hereafter authorized, or to
any obligations convertible into

stock of the Association, issued or sold, nor any right of subscription to any
thereof other than such, if any, as the Board of Directors, in its discretion,
may from time to time determine and at such price as the Board of Directors may
from time to time fix.

Unless otherwise specified in the Articles of Association or required by law,
(1) all matters requiring shareholder action, including amendments to the
Articles of Association, must be approved by shareholders owning a majority
voting interest in the outstanding voting stock, and (2) each shareholder shall
be entitled to one vote per share.

Unless otherwise specified in the Articles of Association or required by law,
all shares of voting stock shall be voted together as a class on any matters
requiring shareholder approval. If a proposed amendment would affect two or
more classes or series in the same or a substantially similar way, all the
classes or series so affected must vote together as a single voting group on
the proposed amendment.

Shares of the same class or series may be issued as a dividend on a pro rata
basis and without consideration. Shares of another class or series may be
issued as share dividends in respect of a class or series of stock if approved
by a majority of the votes entitled to be cast by the class or series to be
issued unless there are no outstanding shares of the class or series to be
issued. Unless otherwise provided by the Board of Directors, the record date
for determining shareholders entitled to a share dividend shall be the date the
Board of Directors authorizes the share dividend.

Unless otherwise provided in the Bylaws, the record date for determining
shareholders entitled to notice of and to vote at any meeting is the close of
business on the day before the first notice is mailed or otherwise sent to the
shareholders, provided that in no event may a record date be more than 70 days
before the meeting.

If a shareholder is entitled to fractional shares pursuant to preemptive
rights, a stock dividend, consolidation or merger, reverse stock split or
otherwise, the Association may: (a) issue fractional shares or; (b) in lieu of
the issuance of fractional shares, issue script or warrants entitling the
holder to receive a full share upon surrendering enough script or warrants to
equal a full share; (c) if there is an established and active market in the
Association's stock, make reasonable arrangements to provide the shareholder
with an opportunity to realize a fair price through sale of the fraction, or
purchase of the additional fraction required for a full share; (d) remit the
cash equivalent of the fraction to the shareholder; or (e) sell full shares
representing all the fractions at public auction or to the highest bidder after
having solicited and received sealed bids from at least three licensed stock
brokers, and distribute the proceeds pro rata to shareholders who otherwise
would be entitled to the fractional shares. The holder of a fractional share is
entitled to exercise the rights for shareholder, including the right to vote,
to receive dividends, and to participate in the assets of the Association upon
liquidation, in proportion to the fractional interest. The holder of script or
warrants is not entitled to any of these rights unless the script or warrants
explicitly provide for such rights. The script or warrants may be subject to
such additional conditions as: (1) that the script or warrants will become void
if not exchanged for full shares before a specified date; and (2) that the
shares for which the script or warrants are exchangeable may be sold at the
option of the Association and the proceeds paid to scriptholders.

The Association, at any time and from time to time, may authorize and issue
debt obligations, whether or not subordinated, without the approval of the
shareholders. Obligations classified as debt, whether or not subordinated,
which may be issued by the Association without the approval of shareholders, do
not carry voting rights on any issue, including an increase or decrease in the
aggregate number of the securities, or the exchange or reclassification of all
or part of securities into securities of another class or series.

SIXTH. The Board of Directors shall appoint one of its members president of
this Association, and one of its members chairperson of the board and shall
have the power to appoint one or more vice presidents, a secretary who shall
keep minutes of the directors' and shareholders' meetings and be responsible
for authenticating the records of the Association, and such other officers and
employees as may be required to transact the business of this Association. A
duly appointed officer may appoint one or more officers or assistant officers
if authorized by the Board of Directors in accordance with the Bylaws. The
Board of Directors shall have the power to:

(1) Define the duties of the officers, employees, and agents of the
Association.

(2) Delegate the performance of its duties, but not the responsibility for its
duties, to the officers, employees, and agents of the Association.

(3) Fix the compensation and enter into employment contracts with its officers
and employees upon reasonable terms and conditions consistent with
applicable law.

(4) Dismiss officers and employees.

(5) Require bonds from officers and employees and to fix the penalty thereof.

(6) Ratify written policies authorized by the Association's management or
committees of the board.

(7) Regulate the manner in which any increase or decrease of the capital of
the Association shall be made, provided that nothing herein shall restrict
the power of shareholders to increase or decrease the capital of the
association in accordance with law, and nothing shall raise or lower from
two-thirds the percentage for shareholder approval to increase or reduce
the capital.

(8) Manage and administer the business and affairs of the Association.

(9) Adopt initial Bylaws, not inconsistent with law or the Articles of
Association, for managing the business and regulating the affairs of the
Association.

(10) Amend or repeal Bylaws, except to the extent that the Articles of
Association reserve this power in whole or in part to shareholders.

(11) Make contracts.

(12) Generally perform all acts that are legal for a Board of Directors to
perform.

SEVENTH. The Board of Directors shall have the power to change the location of
the main office of this Association to any other place within the limits of the
City of Columbus, State of Ohio, without the approval of the shareholders; and
shall have the power to change the location of the main office of this
Association to any other place outside the limits of the City of Columbus,
State of Ohio, but not more than thirty miles beyond such limits, with the
affirmative vote of shareholders owning two-thirds of the stock of the
Association, subject to receipt of a certificate of approval from the
Comptroller of the Currency. The Board of Directors shall have the power to
establish or change the location of any branch or branches of the Association
to any other location permitted under applicable law without the approval of
the shareholders, subject to approval by the Office of the Comptroller of the
Currency. The Board of Directors shall have the power to establish or change
the location of any nonbranch office or facility of the Association without the
approval of the shareholders.

EIGHTH. The corporate existence of this Association shall continue until
termination according to the laws of the United States.

NINTH. The Board of Directors of this Association, or any shareholders owning,
in the aggregate, not less than 20 percent of the stock of this Association,
may call a special meeting of shareholders at any time. Unless otherwise
provided by the Bylaws or the laws of the United States, or waived by
shareholders, a notice of the time, place, and purpose of every annual and
special meeting of the shareholders shall be given by first-class mail, postage
prepaid, mailed at least 10, and no more than 60, days prior to the date of the
meeting to each shareholder of record at his/her address as shown upon the
books of this Association. Unless otherwise provided by the Bylaws, any action
requiring approval of shareholders must be effected at a duly called annual or
special meeting.

TENTH. The Association shall provide indemnification as set forth below:

Every person who is or was a Director, officer or employee of the Association
or of any other corporation which he served as a Director, officer or employee
at the request of the Association as part of his regularly assigned duties may
be indemnified by the Association in accordance with the provisions of this
Article against all liability (including, without limitation, judgments, fines,
penalties, and settlements) and all reasonable expenses (including, without
limitation, attorneys' fees and investigative expenses) that may be incurred or
paid by him in connection with any claim, action, suit or proceeding, whether
civil, criminal or administrative (all referred to hereafter in this Article as
"Claims") or in connection with any appeal relating thereto in which he may
become involved as a party or otherwise or with which he may be threatened by
reason of his being or having been a Director, officer or employee of the
Association or such other corporation, or by reason of any action taken or
omitted by him in his capacity as such Director, officer or employee, whether
or not he continues to be such at the time such liability or expenses are
incurred; provided that nothing contained in this Article shall be construed to
permit indemnification of any such person who is adjudged guilty of, or liable
for, willful misconduct, gross neglect of duty or criminal acts, unless, at the
time such indemnification is sought, such indemnification in such instance is
permissible under applicable law and regulations, including published rulings
of the Comptroller of the Currency or other appropriate supervisory or
regulatory authority; and provided further that there shall be no

indemnification of Directors, officers, or employees against expenses,
penalties, or other payments incurred in an administrative proceeding or action
instituted by an appropriate regulatory agency which proceeding or action
results in a final order assessing civil money penalties or requiring
affirmative action by an individual or individuals in the form of payments to
the Association.

Every person who may be indemnified under the provisions of this Article and
who has been wholly successful on the merits with respect to any Claim shall be
entitled to indemnification as of right. Except as provided in the preceding
sentence, any indemnification under this Article shall be at the sole
discretion of the Board of Directors and shall be made only if the Board of
Directors or the Executive Committee acting by a quorum consisting of Directors
who are not parties to such Claim shall find or if independent legal counsel
(who may be the regular counsel of the Association) selected by the Board of
Directors or Executive Committee whether or not a disinterested quorum exists
shall render their opinion that in view of all of the circumstances then
surrounding the Claim, such indemnification is equitable and in the best
interests of the Association. Among the circumstances to be taken into
consideration in arriving at such a finding or opinion is the existence or
non-existence of a contract of insurance or indemnity under which the
Association would be wholly or partially reimbursed for such indemnification,
but the existence or non-existence of such insurance is not the sole
circumstance to be considered nor shall it be wholly determinative of whether
such indemnification shall be made. In addition to such finding or opinion, no
indemnification under this Article shall be made unless the Board of Directors
or the Executive Committee acting by a quorum consisting of Directors who are
not parties to such Claim shall find or if independent legal counsel (who may
be the regular counsel of the Association) selected by the Board of Directors
or Executive Committee whether or not a disinterested quorum exists shall
render their opinion that the Directors, officer or employee acted in good
faith in what he reasonably believed to be the best interests of the
Association or such other corporation and further in the case of any criminal
action or proceeding, that the Director, officer or employee reasonably
believed his conduct to be lawful. Determination of any Claim by judgment
adverse to a Director, officer or employee by settlement with or without Court
approval or conviction upon a plea of guilty or of nolo contendere or its
equivalent shall not create a presumption that a Director, officer or employee
failed to meet the standards of conduct set forth in this Article. Expenses
incurred with respect to any Claim may be advanced by the Association prior to
the final disposition thereof upon receipt of an undertaking satisfactory to
the Association by or on behalf of the recipient to repay such amount unless it
is ultimately determined that he is entitled to indemnification under this
Article.

The rights of indemnification provided in this Article shall be in addition to
any rights to which any Director, officer or employee may otherwise be entitled
by contract or as a matter of law. Every person who shall act as a Director,
officer or employee of this Association shall be conclusively presumed to be
doing so in reliance upon the right of indemnification provided for in this
Article.

ELEVENTH. These Articles of Association may be amended at any regular or
special meeting of the shareholders by the affirmative vote of the holders of a
majority of the stock of this Association, unless the vote of the holders of a
greater amount of stock is required by law, and in that case by the vote of the
holders of such greater amount. The

Association's Board of Directors may propose one or more amendments to the
Articles of Association for submission to the shareholders.

EXHIBIT 2

A COPY OF THE CERTIFICATE OF AUTHORITY OF THE
TRUSTEE TO COMMENCE BUSINESS

CERTIFICATE

I, John D. Hawke, Jr., Comptroller of the Currency, do hereby certify that:

1. The Comptroller of the Currency, pursuant to Revised Statutes 324, et seq.,
as amended, 12 U.S.C. 1, et seq., as amended, has possession, custody and
control of all records pertaining to the chartering of all National Banking
Associations.

2. "Bank One Trust Company, National Association," Columbus, Ohio, (Charter No.
16235) is a National Banking Association formed under the laws of the United
States and is authorized thereunder to transact the business of banking on the
date of this Certificate.

IN TESTIMONY WHEREOF, I have hereunto

subscribed my name and caused my seal of

office to be affixed to these presents at the

Treasury Department in the City of

Washington and District of Columbia, this

25th day of July, 2001.

/s/ John D. Hawke, Jr.
---------------------------
Comptroller of the Currency

EXHIBIT 3

A COPY OF THE AUTHORIZATION OF THE TRUSTEE
TO EXERCISE CORPORATE TRUST POWERS

CERTIFICATE

I, John D. Hawke, Jr., Comptroller of the Currency, do hereby certify that:

2. "Bank One Trust Company, National Association," Columbus, Ohio, (Charter No.
16235) was granted, under the hand and seal of the Comptroller, the right to
act in all fiduciary capacities authorized under the provisions of the Act of
Congress approved September 28, 1962, 76 Stat. 668, 12 U.S.C. 92a, and that the
authority so granted remains in full force and effect on the date of this
Certificate.

IN TESTIMONY WHEREOF, I have hereunto

subscribed my name and caused my seal of

office to be affixed to these presents at the

Treasury Department in the City of

Washington and District of Columbia, this

25th day of July, 2001.

/s/ John D. Hawke, Jr.
---------------------------
Comptroller of the Currency

EXHIBIT 4

A COPY OF THE EXISTING BY-LAWS OF THE TRUSTEE
BY-LAWS

BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION

AS AMENDED AND RESTATED JULY 20, 2001

BY-LAWS

BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION

ARTICLE I

CORPORATE GOVERNANCE

To the extent not inconsistent with applicable Federal banking statutes or
regulations, or safe and sound banking practices, the Bank shall follow the
corporate governance procedures of the Delaware General Corporation Law, as
amended.

ARTICLE II

SHAREHOLDERS

SECTION 1. Annual Meeting. The regular annual meeting of shareholders of
the Bank to elect directors and to transact whatever other business may
properly come before the meeting shall be held in its main office on the third
Tuesday in February if not a legal holiday under the Laws of Ohio, and if a
legal holiday, then on the next business day following, at 11:30 A.M., or on
such other date and time as shall be designated by the Board of Directors. If,
for any cause, the annual election of directors should not be held on that
date, the Board shall order the election to be held on some subsequent day, of
which special notice shall be given.

SECTION 2. Judges of Election. To the extent required by law, the Board of
Directors shall, prior to the time of the election of directors, appoint three
persons to be Judges of Election, who shall hold and conduct the same, and who
shall, after the election has been held, certify under their hands to the
Secretary of the Bank the result thereof and the names of the directors-elect.

SECTION 3. Notice to Directors-Elect. The Secretary upon receiving the
Certificate of the Judges of Election as aforesaid, shall cause the same to be
recorded upon the minute book of the Bank, and shall notify the directors-elect
of their election and of the time at which they are required to meet at the
main office of the Bank for the purpose of organizing the new Board. If at the
time fixed for the meeting of the directors-elect there should not be a quorum
present, the members present may adjourn from time to time until a quorum is
obtained.

SECTION 4. Special Meetings. Special meetings of the shareholders may be
called in accordance with Article NINTH of the Bank's Articles of Association.

SECTION 5. Record Date. The Board of Directors may fix in advance a day
not more than sixty (60) or less than ten (10) days prior to the date of
holding any regular or special meeting of shareholders as the day as of which
shareholders entitled to notice of and to vote at such meeting shall be
determined.

SECTION 6. Notice. The Bank shall mail notice of any meeting of
shareholders at least 10 days prior to the meeting by first class mail, unless
the Office of the Comptroller of the Currency determines that an emergency
circumstance exists. If the Bank is a wholly-owned subsidiary of a company, the
sole shareholder may waive notice of the shareholder's meeting.

SECTION 7. Consent of Shareholders in Lieu of Annual or Special Meeting.
Unless otherwise restricted by law or the Articles of Association, any action
which may be taken at any annual or special shareholder meeting may be taken
without a meeting, without prior notice and without a vote, if written consent
setting forth the action so taken shall be signed by the holders of outstanding
stock having not less than the minimum number of votes that would be necessary
to authorize or take such action at a meeting at which all shares entitled to
vote thereon were present and voted. Prompt notice of the taking of the
corporate action without a meeting by less than unanimous written consent shall
be given to those shareholders who did not give written consent.

SECTION 8. Minutes. The proceedings of shareholders at all regular and
special meetings or by written consent in lieu of a meeting shall be recorded
in the minute book, together with the Articles of Association of the Bank and
the returns of the Judges of Election. The minutes of each meeting shall be
signed by the Presiding Officer, and attested by the Secretary, or other
officer of the Bank acting in place of the Secretary.

ARTICLE III

DIRECTORS

SECTION 1. Authority. The Board of Directors shall have the power to
manage and administer the business and affairs of the Bank. Except as expressly
limited by law, all corporate powers of the Bank shall be vested in and may be
exercised by the Board of Directors.

SECTION 2. Number. The Board of Directors shall at all times consist of
not less than five nor more than twenty-five individuals. The exact number
within such minimum and maximum limits shall be fixed and determined from time
to time by resolution of a majority of the full Board of Directors or by
resolution of the shareholders at any meeting thereof; provided, however, that
the Board of Directors may not increase the number of directors to a number
which: (1) exceeds by more than two the number of directors last elected by
shareholders where such number was fifteen or less; or (ii) exceeds by more
than four the number of directors last elected by shareholders where such
number was sixteen or more, but in no event shall the number of directors
exceed twenty-five.

SECTION 3. Term of Office. Each director shall hold office from the date
of his election or appointment until the next annual shareholder meeting. Any
director ceasing to be the owner of the amount of stock required by law or in
any other manner becoming disqualified shall thereupon vacate his office as
director.

SECTION 4. Compensation. The Board of Directors may provide that a
reasonable fee be paid to any of its members or to the members of any duly
authorized committee for services rendered. No such payment shall preclude any
director from serving the Bank in any other capacity and receiving compensation
therefor.

SECTION 5. Regular Meetings. Regular meetings of the Board of Directors
shall be held on such dates, times and locations as determined by the Chairman
of the Board and communicated in writing to the directors.

SECTION 6. Special Meetings. Special meetings of the Board of Directors
may be called by the Chairman of the Board or the President. Such meetings
shall be held at such times and at such places as shall be determined by the
officer calling the meeting. Notice of any special meeting of directors shall
be given to each director at the director's business or residence in writing by
hand delivery, first-class or overnight mail or courier service, telegram or
facsimile transmission, or orally by telephone. If mailed by first-class mail,
such notice shall be deemed adequately delivered when deposited in the United
States mail so addressed, with postage thereon prepaid, at least two (2) days
before such meeting. If by telegram, overnight mail or courier service, such
notice shall be deemed adequately delivered when the telegram is delivered to
the telegraph company or the notice is delivered to

the overnight mail or courier service company at least twenty-four (24) hours
before such meeting. If by facsimile transmission, such notice shall be deemed
adequately delivered when the notice is transmitted at least twelve (12) hours
before such meeting. Such notice need not state the purposes of the meeting.
Any or all directors may waive notice of any meeting, either before or after
the meeting. Attendance of a director at a meeting shall constitute a waiver of
notice of such meeting, except when the director attends for the express
purpose of objecting, at the beginning of the meeting, to the transaction of
any business because the meeting is not lawfully called or convened.

SECTION 7. Quorum; Majority Vote. A quorum of directors shall be required
to transact business at any regular or special meeting of the Board of
Directors. A majority of the directors shall constitute a quorum. Each director
shall be entitled to one vote. A vote by a majority of the directors present at
any regular or special meeting of the Board of Directors at which a quorum is
present shall be required to approve any matter or proposal at any such
meeting.

SECTION 8. Vacancies. When any vacancy occurs in the Board of Directors, a
majority of the remaining members of the Board, according to the laws of the
United States, may appoint a director to fill such vacancy at any regular
meeting of the Board of Directors, or at a special meeting called for that
purpose at which a quorum is present, or if the directors remaining in office
constitute fewer than a quorum of the Board of Directors, by the affirmative
vote of a majority of all the directors remaining in office, or by shareholders
at a special meeting called for that purpose. At any such shareholder meeting,
each shareholder entitled to vote shall have the right to multiply the number
of votes he or she is entitled to cast by the number of vacancies being filled
and cast the product for a single candidate or distribute the product among two
or more candidates. A vacancy that will occur at a specific later date (by
reason of a resignation effective at a later date) may be filled before the
vacancy occurs but the new director may not take office until the vacancy
occurs.

SECTION 9. Presiding Officer. The Chairman of the Board shall preside at
all meetings of the Board of Directors at which he is present. In the absence
of the Chairman of the Board, the President shall perform the duties of the
Chairman of the Board and shall preside at the meetings of the Board of
Directors. In the absence of the Chairman of the Board and the President, the
Vice Chairman of the Board (or in the event there be more than one Vice
Chairman of the Board, the Vice Chairmen of the Board in the order designated,
or in the absence of any designation, then in the

order of their election) shall perform their duties and shall preside at the
meetings of the Board of Directors.

SECTION 10. Minutes of Meeting. The Secretary to the Board of Directors
shall take minutes at any regular or special meeting of the Board of Directors.
If the Secretary is not present at any such meeting, the Chairman of the Board
may designate a secretary pro tem to take minutes at the meeting. The Secretary
or secretary pro tem shall record the actions and proceedings at each regular
or special meeting of the Board of Directors as minutes of the meeting and
shall maintain such minutes in a minute book of proceedings of such meetings of
the Board of Directors. Minutes of each such meeting shall be signed by the
presiding officer and secretary of each meeting.

SECTION 11. Participation in Meetings by Telephone Unless otherwise
restricted by law or the Articles of Association, members of the Board of
Directors, or of any committee thereof, may participate in a meeting of the
Board of Directors or committee by means of conference telephone or similar
communications equipment which allows each person participating in the meeting
to hear each other. Participation in such a meeting shall constitute presence
in person at such meeting.

SECTION 12. Consent of Directors in Lieu of Meeting. Unless otherwise
restricted by law or the Articles of Association, any action required or
permitted to be taken at any meeting of the Board of Directors, or of any
committee thereof, may be taken without a meeting if all members of the Board
or committee, as the case may be, consent thereto in writing, and the writing
or writings are filed with the minutes of proceedings of the Board or
committee.

SECTION 13. Committees. The Board of Directors may, by resolution passed
by a majority of the entire Board, designate one or more committees, each
committee to consist of two or more of the Directors of the Bank. The Board of
Directors may designate one or more Directors as alternate members of any
committee, who may replace any absent or disqualified member at any meeting of
the committee. Any such committee, to the extent

provided in the resolution, shall have and may exercise the powers of the Board
of Directors in the management of the business and affairs of the Bank, and may
authorize the seal of the Bank to be affixed to all papers which may require
it; provided, however, that in the absence or disqualification of any member of
such committee or committees, the member or members thereof present at any
meeting and not disqualified from voting, whether or not he or they constitute
a quorum, may unanimously appoint another member of the Board of Directors to
act at the meeting in the place of any such absent or disqualified member. Such
committee or committees shall have such name or names as may be determined from
time to time by resolution adopted by the Board of Directors. As used in these
By-Laws, "entire Board" means the total number of Directors the Bank would have
if there were no vacancies.

There may be an Executive Committee composed and created as the Board of
Directors may designate by resolution passed by a majority of the entire Board.
During intervals between the regular meetings of the Board of Directors, the
Executive Committee, to the extent permitted by law, the Articles of
Association of the Bank and the By-Laws, shall have and may exercise the powers
of the Board of Directors in the management of the business and affairs of the
Bank.

Unless otherwise provided by the Board of Directors, a majority of the
members of any committee appointed by the Board of Directors pursuant to this
Section shall constitute a quorum at any meeting thereof and the act of a
majority of the members present at a meeting at which a quorum is present shall
be the act of such committee. Any such committee shall, subject to any rules
prescribed by the Board of Directors, prescribe its own rules for calling,
giving notice of and holding meetings and its method of procedure at such
meetings and shall keep a written record of all action taken by it. Each
committee shall keep regular minutes of its meetings and report the same to the
Board of Directors when required.

ARTICLE IV

OFFICERS

SECTION 1. Officer Titles. The officers of the Bank shall include a
Chairman of the Board and a President and may include one or more Vice Chairmen
of the Board, Executive Vice Presidents, Senior Vice Presidents, First Vice
Presidents, Vice Presidents and Assistant Vice Presidents, a General Auditor, a
General Counsel, a Secretary, and such other officers as may be appropriate for
the prompt and orderly transaction of the business of the Bank. Individuals
appointed as Chairman of the Board, President, and Vice Chairman of the Board
must be members of the Board. The same person may hold any two or more offices.
The Chairman of the Board or the President shall have such authority to
establish officer titles as from time to time delegated by the Board of
Directors and to delegate such authority further to other officers of the Bank.
Other officers may be designated by the Secretary as Assistant Secretary to
perform the duties of the Secretary.

SECTION 2. Executive Management. The Chairman of the Board or the
President, as determined by the Board of Directors, shall be the chief
executive officer of the Bank. In case of the death or disability of the
Chairman of the Board, his powers shall be exercised and his duties discharged
by the President. In the event of the death or disability of the Chairman of
the Board and the President, the Vice Chairman of the Board (or in the event
there be more than one Vice Chairman of the Board, the Vice Chairmen of the
Board in the order designated, or in the absence of any designation, then in
the order of their election) shall exercise the powers and discharge the duties
of the Chairman of the Board.

SECTION 3. Election of Officers. The Board of Directors of the Bank shall
have authority to appoint the officers of the Bank. The Chairman of the Board
or the President shall have such authority to appoint officers as from time to
time delegated by the Board of Directors, and to delegate such authority
further to other officers of the Bank.

SECTION 4. Authority and Responsibility. The authorities and
responsibilities of all officers, in addition to those specifically prescribed
herein, shall be those usually pertaining to their respective offices, or as
may be designated by the Board of Directors or by the Chairman of the Board or
by the President, or by any officer of the Bank designated by one of the
foregoing.

SECTION 5. Term of Office. Officers shall be appointed for an indefinite
term, and their employment may be terminated or they may be removed from office
at any time. The Board of Directors shall have authority to terminate or remove
officers of the Bank. The Chairman of the Board or the President shall have
such authority to terminate or remove officers as from time to time delegated
by the Board of Directors, and to delegate such authority further to other
officers of the Bank.

SECTION 6. Surety. All officers and employees of the Bank who shall be
responsible for any moneys, funds or valuables of the Bank shall give bond, or
be covered by a blanket bond, in such penal sum and with such security as shall
be approved by the Board, conditioned for the faithful and honest discharge of
their duties as such officers or employees and that they will faithfully apply
and account for all such moneys, funds and valuables and deliver the same on
proper demand to the order of the Board of the Bank, or to the person or
persons authorized to receive the same.

ARTICLE V

SEAL

SECTION 1. Description. The following is a description of the Seal adopted
by the Board of the Bank:

An inner circle with the word "CORPORATE" over the word "SEAL"; the whole
surrounded with the words, "BANK ONE TRUST COMPANY, NA."

SECTION 2. Attestation. Any instrument which is executed for and on behalf
of the Bank by its duly authorized officers may, when necessary, be attested
and sealed with the corporate seal by any officer of the Bank other than the
officer who executes such instrument on behalf of the Bank.

ARTICLE VI

TRANSFERS OF REAL ESTATE

Any Vice President or higher ranking officer shall have authority on
behalf of and in the name of the Bank, to execute any document or instrument
and to take action which may be necessary or appropriate to purchase, convey,
lease, or otherwise affect any real estate or interest in real estate owned or
to be owned by the Bank; provided, however, any document or instrument
purchasing, conveying or leasing real estate used or to be used by the Bank as
banking facilities must be executed by a Senior Vice President or higher
ranking officer, or any other officer designated by any of the foregoing. Any
Assistant Vice President or higher ranking officer shall have authority to
execute and deliver on behalf of and in the name of the Bank, releases of
mortgages or trust deeds.

ARTICLE VII

STOCK AND STOCK CERTIFICATES

SECTION 1. Increase of Stock. In the event of any increase in the capital
stock of the Bank the preemptive rights of the shareholders in respect of any
such increased stock shall be as set forth in Article FIFTH of the Articles of
Association.

Any warrants or certificates issuable to shareholders in connection with
any increase of the capital stock of the Bank, shall be delivered to the
respective shareholders entitled thereto, either by hand or by mail,
first-class postage prepaid, addressed to their respective addresses as shown
on the books of the Bank.

If, in the event of a sale of additional shares, any subscription rights
shall not have been exercised at the expiration of the specified subscription
period, such unsubscribed new shares may be issued and sold at such price, not
less than the par value thereof, to such persons and on such terms as the Board
of Directors may determine.

SECTION 2. Transfers of Stock. The stock of the Bank shall be assignable
only upon the books of the Bank, subject to the restrictions of the Act, and a
transfer book shall be kept in which all assignments and transfers of stock
shall be made. Transfers of stock may be suspended preparatory to any election
or payment of any dividends.

SECTION 3. Certificates of Stock. Certificates of stock signed by any Vice
President or higher ranking officer and the Secretary or any Assistant
Secretary may be issued to shareholders, and the Certificates shall state upon
the face thereof that the stock is transferable only upon the books of the
Bank. If such Certificates are manually countersigned by two other officers of
the Bank, the signatures of the officers designated in the preceding sentence
may be facsimiles, engraved or printed. In case any officer who has signed or
whose facsimile signature has been placed upon such Certificates shall have
ceased to be such officer before such Certificates are issued, they may be
issued by the Bank with the same effect as if such officer had not ceased to be
such at the date of issue.

In case of transfer of stock, new Certificates of stock shall not be
issued until other Certificate or Certificates of stock of an equal amount
shall first have been surrendered and cancelled.

Any one of the following officers of the Bank: the Chairman of the Board,
the President, or any Vice Chairman of the Board is each hereby authorized to
cause new Certificates of stock of the Bank to be issued to replace
Certificates reported to have been lost, stolen or destroyed, upon receipt of:
(a) appropriate affidavit or affidavits setting forth whether the Certificates
were lost, stolen or destroyed and the circumstances thereof, and (b) a bond or
bonds (blanket or otherwise) or an agreement or agreements of indemnity,
sufficient in the opinion of any of such officers to protect the interests of
the Bank issuing such new Certificates.

ARTICLE VIII

BANKING HOURS

The Bank shall be open for business during such days of the year and for
such hours as the Board of Directors or any officer of the Bank designated by
the Board of Directors may from time to time determine.

ARTICLE IX

CONTRACTS, CERTIFICATES OF DEPOSIT AND NOTES

SECTION 1. Execution of Contracts. Any officer of the bank and such other
persons as may be authorized by the Board of Directors are severally and
respectively authorized to execute documents and to take action in the Bank's
name in connection with any and all transactions conducted in the ordinary
course of business of the Bank. Such officers and other persons are also
authorized to execute and deliver various forms of documents or agreements
necessary to effectuate certain investment strategies for various fiduciary or
custody customers of the Bank, including, without limitation, exchange funds,
options, both listed and over-the-counter, commodities trading, futures
trading, hedge funds, limited partnerships, venture capital funds, swap or
collar transactions and other similar investment vehicles for which the Bank
now or in the future may deem appropriate for investment or fiduciary customers
or in which non-fiduciary customers may direct investment by the Bank.

SECTION 2. Notes. Notwithstanding the foregoing, all notes evidencing
obligations of the Bank shall be signed either manually or by facsimile
signature by any officer of the Bank, and, if such signature is not a manual
signature, shall be validated by the manual signature of another officer of the
Bank whose signature does not already appear on said note or by the authorized
officers of corporate fiduciaries or agents with whom the Board of Directors
may from time to time by resolution authorize the officers of the Bank to
contract for services in connection with the validation and delivery of notes
issued by the Bank.

ARTICLE X

VOTING RIGHTS

The vote of the Bank as stockholder in any corporation in which it may
hold stock or upon any securities carrying voting rights which it shall have
the right to vote in its individual capacity as a Bank, shall be cast at any
stockholders' or shareholders' meeting by any Vice President or higher ranking
officer, or the Secretary, in person, or by some person or persons authorized
by written proxy signed by one of said officers.

In all cases where shares of stock or other securities carrying voting
rights and owned by the Bank shall be held in the name of a nominee of the
Bank, any Vice President or higher ranking officer, or the Secretary, may
authorize such nominee to vote such stock or other securities in person, either
unconditionally or upon such terms, limitations, or conditions as such officer
may direct, or any such officer may authorize such nominee to execute a proxy
to vote such shares of stock or other securities carrying voting rights, either
unconditionally or upon such terms, conditions and/or limitations as such
officer shall approve.

ARTICLE XI

EXAMINATIONS

If the Bank has a General Auditor, it shall be the duty of the Auditor to
examine, from time to time, the various operations of the Bank, verify its
assets and liabilities, and perform such other procedures as are required to
determine that the accounting records are accurate and to ascertain whether the
Bank is in a sound and solvent condition. Major discrepancies and defalcations
shall be reported to the Board promptly and other reports shall be made
directly to the Board when deemed appropriate either by the Auditor or the
Board. In the event of the death, resignation, absence or inability of the
Auditor, the Board of Directors shall appoint a competent person who shall make
such examinations and reports, pending the election of a successor to the
Auditor or the return of the Auditor to his duties.

ARTICLE XII

BONDS OF INDEMNITY

Bonds of indemnity given to secure the issuance of duplicate or substitute
notes, bonds, stock certificates, checks, debentures or other securities which
may have been lost, destroyed or stolen or to secure the payment of any such
lost, destroyed or stolen securities or to secure the payment by the Bank of
funds deposited by any public authorities, shall be executed by any Assistant
Vice President or higher ranking officer, and, if required, sealed with the
corporate seal and attested by some other officer of the Bank.

ARTICLE XIII

AUTHORITY TO SELL STOCKS, BONDS, ETC.

SECTION 1. U.S. Obligations. Any Assistant Vice President or higher
ranking officer may at any time, in his discretion, sell, assign and transfer
any and all United States bonds now standing, or which may hereafter stand, in
the name of the Bank, and to appoint one or more attorneys for that purpose.

SECTION 2. Other Obligations. Any Assistant Vice President or higher
ranking officer may at any time, in his discretion, sell, assign and transfer
any and all notes, bonds, certificates of indebtedness or obligations of any
corporation, firm or individual, which said notes, bonds, certificates of
indebtedness or obligations are now

registered, or may hereafter be registered, in the name of, or for the benefit
of, the Bank, or are payable or indorsed to the Bank.

SECTION 3. Stock. Any Assistant Vice President or higher ranking officer
may at any time in his discretion, sell, assign and transfer to any assignee or
transferee, for and on behalf of the Bank and in its name, any and all shares
of capital stock of any corporation or corporations held by the Bank.

ARTICLE XIV
FIDUCIARY ACTIVITIES

SECTION 1. Authority to Sign as Registrar, Transfer Agent, etc. Any
officer of the Bank shall have the right to sign, countersign, certify,
register, authenticate and identify all bonds, notes, interim certificates, and
depositary receipts, warrants, participation certificates, certificates of
stock and similar instruments for or in respect of which the Bank may be acting
as Trustee, Registrar, Transfer Agent or otherwise.

SECTION 2. Authority to Vote Stock. The vote of the Bank as stockholder in
any corporation or mutual fund in which it may hold capital stock in any
fiduciary capacity, unless the governing instrument directs otherwise, may be
voted by any officer of the Bank in person, electronically or by written proxy
signed by one of said officers.

SECTION 3. Authority to Sell, Assign and Transfer Stocks, etc. Any officer
of the Bank may sell, assign and transfer to any assignee or transferee for the
Bank and in its name, any and all shares of the capital stock or other
securities and obligations of any individual or entity held by the Bank in any
fiduciary capacity, and sign and deliver any instruments with respect to any
such items.

SECTION 4. Authority to Sign Checks and Other Instruments. Any officer of
the Bank is authorized to sign for and on behalf of the Bank: checks against
any account or accounts of any organizational unit of the Bank exercising
fiduciary powers; petitions; schedules; accounts; reports; receipts for funds
or securities deposited with the Bank as fiduciary and all instruments or
documents that may be necessary or desirable in connection with the execution
of any fiduciary powers of the Bank.

SECTION 5. Delegation of Authority. Anything in this Article XIV to the
contrary notwithstanding, the Chairman of the Board or President is authorized
to designate in writing such persons as shall be authorized in the name of the
Bank to sign or countersign any or all of the documents and instruments
enumerated in this Article XIV relating to transactions conducted in connection
with the execution of any fiduciary powers of the Bank.

SECTION 6. Corporate Powers. The business of the Bank shall be to conduct
fiduciary activities and to engage in such activities as are necessary,
incident, or related to such business, and to exercise such fiduciary powers as
are authorized by the Comptroller of the Currency.

ARTICLE XV

AMENDMENT OF BY-LAWS

These By-Laws may be changed or amended by the vote of a majority of the
directors present at any regularly constituted meeting of the Board of
Directors.

ARTICLE XVI
EMERGENCY OPERATION OF BANK

In the event of an emergency declared by the President of the United
States or the person performing his functions, due to threatened or actual
enemy attack or disaster, the officers and employees of the Bank will continue
to conduct the affairs of the Bank under such guidance from the directors as
may be available, except as to matters which by statute require specific
approval of the Board of Directors, and subject to conformance with any
governmental directives during the emergency.

ARTICLE XVII
DELEGATION OF AUTHORITY

Each of the Chairman of the Board, the President, any Vice Chairman of the
Board and the Secretary of the Bank are severally and respectively authorized
to designate in writing such persons who shall be authorized in the name and on
behalf of the Bank to sign any document or instrument, including certificates
of deposit and notes, and to take action which may be necessary or appropriate
to the conduct of the Bank's business, in its individual capacity or any other
capacity. Any such authorization to sign such document or instrument and to
take any action may be general or limited as is determined in the discretion of
the Chairman of the Board, the President, any Vice Chairman of the Board or the
Secretary.

As amended April 24, 1991 Section 3.01 (Officers and Management Staff)

Section 3.02 (Chief Executive Officer)

Section 3.03 (Powers and Duties of Officers
and Management Staff)

Section 3.05 (Execution of Documents)

As amended January 27, 1995 Section 2.04 (Regular Meetings)

Section 2.05 (Special Meetings)

Section 3.01(f) (Officers and Management
Staff)

Section 3.03(e) (Powers and Duties of
Officers and Management
Staff)

Section 5.01 (Seal)

Amended and restated in its entirety effective May 1, 1996

As amended August 1, 1996 Section 2.09 (Trust Examining Committee)

Section 2.10 (Other Committees)

As amended October 16, 1997 Section 3.01 (Officers and Management Staff)

Section 3.02 (Powers and Duties of Officers
and Management Staff)

Section 3.04 (Execution of Documents)

As amended January 1, 1998 Section 1.01 (Annual Meeting)

As amended and restated in its entirety effective July 20, 2001

EXHIBIT 6

THE CONSENT OF THE TRUSTEE REQUIRED
BY SECTION 321(b) OF THE ACT

June 30, 2003

Securities and Exchange Commission
Washington, D.C. 20549

Ladies and Gentlemen:

In connection with the qualification of an indenture between Morgan Stanley and
Bank One Trust Company, National Association, as Trustee, the undersigned, in
accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended,
hereby consents that the reports of examinations of the undersigned, made by
Federal or State authorities authorized to make such examinations, may be
furnished by such authorities to the Securities and Exchange Commission upon
its request therefor.

Very truly yours,

Bank One Trust Company, National Association

By: /s/ Christopher Holly
---------------------
Christopher Holly
Vice President

EXHIBIT 7

Legal Title of Bank: Bank One Trust Company, N.A. Call Date: 12/31/02 State #: 391581
Address: 100 Broad Street Cert #: 21377 Page RC-1
City, State Zip: Columbus, OH 43271

Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for December 31, 2002

All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding of the last business day of the
quarter.

Schedule RC--Balance Sheet

Dollar Amounts in thousands C300
----

ASSETS
1. Cash and balances due from depository institutions (from Schedule RCON
RC-A): ----
a. Noninterest-bearing balances and currency and coin(1) .................. 0081 303,871 1.a
b. Interest-bearing balances(2) ........................................... 0071 0 1.b
2. Securities
a. Held-to-maturity securities(from Schedule RC-B, column A) .............. 1754 0 2.a
b. Available-for-sale securities (from Schedule RC-B, column D) ........... 1773 120 2.b
3. Federal funds sold and securities purchased under agreements to resell
a. Federal Funds Sold ..................................................... B987 694,888
b. Securities Purchased under agreements to resell (3) .................... B989 635,627 3.
4. Loans and lease financing receivables: (from Schedule RC-C):
a. Loans and leases held for sale ......................................... 5369 0 4.a
b. Loans and leases, net of unearned income ............................... B528 69,745 4.b
c. LESS: Allowance for loan and lease losses .............................. 3123 599 4.c
d. Loans and leases, net of unearned income and allowance
(item 4.b minus 4.c) ................................................... B529 69,146 4.d
5. Trading assets (from Schedule RC-D) ....................................... 3545 0 5.
6. Premises and fixed assets (including capitalized leases) .................. 2145 11,895 6.
7. Other real estate owned (from Schedule RC-M) .............................. 2150 0 7.
8. Investments in unconsolidated subsidiaries and associated
companies (from Schedule RC-M) ............................................ 2130 0 8.
9. Customers' liability to this bank on acceptances outstanding .............. 2155 0 9.
10. Intangible assets
a. Goodwill .............................................................. 3163 0 10.a
b. Other intangible assets (from Schedule RC-M) .......................... 0426 6,991 10.b
11. Other assets (from Schedule RC-F) ......................................... 2160 208,998 11.
12. Total assets (sum of items 1 through 11) .................................. 2170 1,931,214 12.

(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
(3) Includes all securities resale agreements, regardless of maturity

Legal Title of Bank: Bank One Trust Company, N.A. Call Date: 12/31/02 State #: 391581
Address: 100 Broad Street Cert #: 21377 Page RC-2
City, State Zip: Columbus, OH 43271

Schedule RC-Continued

Dollar Amounts in
thousands

LIABILITIES
13. Deposits: RCON
a. In domestic offices (sum of totals of columns A and C ----
from Schedule RC-E) .................................................... 2200 1,676,276 13.a
(1) Noninterest-bearing(1) ............................................. 6631 1,225,878 13.a1
(2) Interest-bearing ................................................... 6636 450,398 13.a2
b. Not applicable
14. Federal funds purchased and securities sold under agreements
to repurchase
a. Federal funds purchased (2) ............................................ B993 0 14.a
b. Securities sold under agreements to repurchase (3) ..................... B995 0 14.b
5. Trading Liabilities(from Schedule RC-D) ................................... 3548 0 15.
16. Other borrowed money (includes mortgage indebtedness and
obligations under capitalized leases) (from Schedule RC-M) ................ 3190 0 16.
17. Not applicable
18. Bank's liability on acceptances executed and outstanding .................. 2920 0 18.
19. Subordinated notes and debentures (2) ..................................... 3200 0 19.
20. Other liabilities (from Schedule RC-G) .................................... 2930 38,936 20.
21. Total liabilities (sum of items 13 through 20) ............................ 2948 1,713,212 21.
22. Minority interest in consolidated subsidiaries ............................ 3000 0 22.
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus ............................. 3838 0 23.
24. Common stock .............................................................. 3230 800 24.
25. Surplus (exclude all surplus related to preferred stock) .................. 3839 45,157 25.
26. a. Retained earnings ...................................................... 3632 172,042 26.a
b. Accumulated other comprehensive income (3) ............................. B530 3 26.b
27. Other equity capital components (4) ....................................... A130 0 27.
28. Total equity capital (sum of items 23 through 27) ......................... 3210 218,002 28.
29. Total liabilities, minority interest, and equity
capital (sum of items 21, 22, and 28) ..................................... 3300 1,931,214 29.

Memorandum
To be reported only with the March Report of Condition

1. Indicate in the box at the right the number
of the statement below that best describes -------------------
the most comprehensive level of auditing work RCON Number Number
performed for the bank by independent ------------------- M.I.
external auditors as of any date during 2000 6724 NA
-------------------

1 = Independent audit of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm which
submits a report on the bank
2 = Independent audit of the bank's parent holding company conducted in
accordance with generally accepted auditing standards by a certified
public accounting firm which submits a report on the consolidated holding
company (but not on the bank separately)
3 = Attestation on bank management's assertion on the effectiveness of the
bank's internal control over financial reporting by a certified public
accounting firm
4 = Directors' examination of the bank conducted in accordance with generally
accepted auditing standards by a certified public accounting firm (may be
required by state chartering authority)
5 = Directors' examination of the bank performed by other external auditors
(may be required by state chartering authority)
6 = Review of the bank's financial statements by external auditors
7 = Compilation of the bank's financial statements by external auditors
8 = Other audit procedures (excluding tax preparation work)
9 = No external audit work

(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Report overnight Federal Home Loan Bank advances in Schedule RC, item 16,
"other borrowed money."
(3) Includes all securities repurchase agreements, regardless of maturity.
(4) Includes limited-life preferred stock and related surplus.

(5) Includes net unrealized holding gains (losses) on available-for-sale
securities, accumulated net gains (losses) on cash flow hedges, and
minimum pension liability adjustments.
(6) Includes treasury stock and unearned Employee Stock Ownership Plan shares.