Common use of Evaluation by Evaluator Clause in Contracts

Evaluation by Evaluator. The Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of Bonds (treating separate maturities of Bonds as separate issues) as of the Evaluation Time on the bid side of the market on the days on which the Trustee shall make the Trust Fund Evaluation required by Section 5.1 and, in addition, as of the Evaluation Time on the offering side of the market each business day during the initial public offering period. In making the evaluation the Evaluator may determine the value of each issue of the Bonds in the Trust Fund by the following methods or any combination thereof which it deems appropriate: (i) on the basis of current bid or offering prices of such Bonds as obtained from investment dealers or brokers (including the Depositor) who customarily deal in public bonds comparable to those held by the Trust Fund, (ii) if bid or offering prices are not available for any of such Bonds, on the basis of bid or offering prices for comparable bonds, (iii) by appraisal, or (iv) in its evaluation of Bonds which are in default in payment of principal or interest or, in the Depositor's opinion, in significant risk of such default ("Defaulted Bonds") on the basis of the current bid and offering prices of such Bonds and the current bid and offering prices of such issuers whose securities, if identifiable, carry identical interest rates and maturities and are of a creditworthiness comparable to the issuer of such Bonds prior to the default or significant risk of default. If such other bonds are not identifiable, the Evaluator will compare prices of bonds with substantially identical interest rates and maturities and which are of a creditworthiness of minimum investment grade or (v) by any combination of the above which it deems appropriate. The Evaluator shall also make an evaluation of the Bonds deposited in the Trust Fund as of the time said Bonds are deposited under this Indenture. Such evaluation shall be made on the same basis set forth above and shall be based upon offering prices of said Bonds. In addition to the methods of determining the value of the Bonds described above, the Evaluator may make the initial evaluation in whole or in part by reference to the Blue List of Current Municipal Offerings (a daily publication containing the current public offering prices of public bonds of all grades currently being offered by dealers and banks). The Evaluator's determination of the offering price of the Bonds on the Date of Deposit shall be included in Schedule A.

Evaluation by Evaluator. The Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of Bonds Securities in the Trust (treating (a) separate maturities of Bonds Securities and (b) Deposited Units in separate preceding series of National Municipal Trust as separate issues) as of the Evaluation Time on the bid side of the market on the days on which the Trustee shall make the Trust Fund Evaluation required by Section 5.1 5.01 and, in addition, (i) as of the Evaluation Time on the offering side of the market each business day during the initial public offering period, (ii) if and as long as requested by the Depositor on the offering side of the market on each business day following such initial public offering period, (iii) on the offering side of the market on the last business day of each calendar week commencing with the week in which the Evaluator and the Trustee have been informed by the Depositor that the initial public offering of the Units for such Trust has been completed and (iv) on any other day requested by the Depositor or the Trustee. In making the evaluation evaluations the Evaluator may determine the value of each issue of the Bonds Securities in the Trust Fund by the following methods or any combination thereof which it deems appropriate: (i) on the basis of current bid or offering prices of such Bonds Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in public bonds comparable to those held by the Trust Fund(in the case of Deposited Units, such current bid or offering prices may be based on prevailing daily evaluations of the underlying obligations held in those preceding series of National Municipal Trust to which Deposited Units relate), or (ii) if bid or offering prices are not available for any of such BondsSecurities, on the basis of bid or offering prices for comparable bondsSecurities, or (iii) by appraisal, or (iv) in its evaluation of Bonds which are in default in payment of principal or interest or, in the Depositor's opinion, in significant risk of such default ("Defaulted Bonds") on the basis of the current bid and offering prices of such Bonds and the current bid and offering prices of such issuers whose securities, if identifiable, carry identical interest rates and maturities and are of a creditworthiness comparable to the issuer of such Bonds prior to the default or significant risk of default. If such other bonds are not identifiable, the Evaluator will compare prices of bonds with substantially identical interest rates and maturities and which are of a creditworthiness of minimum investment grade or (v) by any combination of the above which it deems appropriate. The Evaluator shall also make an evaluation of the Bonds Securities deposited in the Trust Fund as of the time times said Bonds Securities are deposited under this Indenture. Such evaluation shall be made on the same basis as set forth above and shall be based upon offering prices of said BondsSecurities. In addition to the methods of determining the value of the Bonds Securities described above, the Evaluator may make the initial evaluation of Securities in whole or in part by reference to the Blue List of Current Municipal Offerings (a daily publication containing the current public offering prices of public bonds of all grades currently being offered by dealers and banks). The Evaluator's determination of the offering price of the Bonds Securities of the Trust on the Date date of Deposit deposit shall be included in Schedule A.the Schedules attached to the Reference Trust Agreement. In determining the value of any Bond, the Evaluator shall take into account the value attributable to the Insurance to Maturity. The Evaluator shall take into account the value attributable to the Portfolio Insurance policy and the Trustee's right to purchase a Permanent Insurance Policy with respect to such Security at such time, and only at such time, as (A) a default in the payment when due of the principal of or interest on such Security shall have occurred and be continuing or (B) the Sponsor shall have informed the Evaluator that it has determined that there is a significant risk of such a default with respect to such Security and shall not thereafter have informed the Evaluator of any change in such determination or (C) such Security is proposed to be sold from the Trust. For purposes of the preceding sentence, the value attributable to the Portfolio Insurance policy and the Trustee's right to purchase a Permanent Insurance Policy with respect to any Security at any time shall be equal to the excess, if any, of (X) the market value of such Security at such time if it were covered by a Permanent Insurance Policy (less the premium payable for such Policy) over (y) the market value of such Security at such time if it were not covered by a Permanent Insurance Policy.

Evaluation by Evaluator. The Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor Depositors upon request the value of each issue of Bonds (treating separate maturities of Bonds as separate issues) as of the Evaluation Time on the bid side of the market on the days on which the Trustee shall make the Trust Fund Evaluation required by Section 5.1 and, in addition, as of the Evaluation Time on the offering side of the market each business day during the initial public offering period. In making the evaluation the Evaluator may determine the value of each issue of the Bonds in the Trust Fund by the following methods or any combination thereof which it deems appropriate: (i) on the basis of current bid or offering prices of such Bonds as obtained from investment dealers or brokers (including the DepositorDepositors) who customarily deal in public bonds comparable to those held by the Trust Fund, (ii) if bid or offering prices are not available for any of such Bonds, on the basis of bid or offering prices for comparable bonds, (iii) by appraisal, or (iv) in its evaluation of Bonds which are in default in payment of principal or interest or, in the Depositor's Depositors' opinion, in significant risk of such default ("Defaulted Bonds") and which are covered by the Insurance pursuant to Section 2.5 hereof, on the basis of the value of the Insurance as well as the current bid and offering prices of such Bonds and the current bid and offering prices of such issuers whose securities, if identifiable, carry identical interest rates and maturities and are of a creditworthiness comparable to the issuer of such Bonds prior to the default or significant risk of default. If such other bonds are not identifiable, the Evaluator will compare prices of bonds with substantially identical interest rates and maturities and which are of a creditworthiness of minimum investment grade or (v) by any combination of the above which it deems appropriate. The Evaluator shall also make an As to any evaluation of the Defaulted Bonds deposited in the Trust Fund as of the time said Bonds are deposited under this Indenture. Such evaluation shall be made on the same basis set forth above and shall be based upon offering prices of said Bonds. In addition to the methods of determining the value of the Bonds described above, the Evaluator may make the initial evaluation in whole or in part by reference Insurance will be equal to the Blue List difference between (i) the market value of Current Municipal Offerings (a daily publication containing Defaulted Bonds assuming the current public offering prices of public bonds of all grades currently being offered by dealers and banks). The Evaluator's determination exercise of the offering price of the Bonds on the Date of Deposit shall be included in Schedule A.right to obtain Permanent Insurance

Evaluation by Evaluator. The Evaluator shall separately and promptly determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of Bonds (treating separate maturities of Bonds as separate issues) as of the Evaluation Time on the bid side of the market on the days on which the Trustee shall make the Trust Fund Evaluation required by Section 5.1 5.01 and, in addition, as of the Evaluation Time on the offering side of the market each business day Business Day during the initial public offering periodperiod as determined by the Depositor. In making the evaluation evaluations, the Evaluator may determine the value of each issue of the Bonds in the Trust Fund by the following methods or any combination thereof which it deems appropriate: (ia) on the basis of current bid or offering prices of such Bonds as obtained from investment dealers or brokers (including the Depositor) who customarily deal in public bonds comparable to those held by the Trust Fund, or (iib) if bid or offering prices are not available for any of such Bonds, on the basis of bid or offering prices for comparable bonds, or (iiic) by appraisal, or (iv) in its evaluation causing the value of the Bonds which are in default in payment of principal or interest or, to be determined by others engaged in the Depositor's opinionpractice of evaluating, in significant risk of such default ("Defaulted Bonds") on the basis of the current bid and offering prices of such Bonds and the current bid and offering prices of such issuers whose securities, if identifiable, carry identical interest rates and maturities and are of a creditworthiness quoting or appraising comparable to the issuer of such Bonds prior to the default or significant risk of default. If such other bonds are not identifiable, the Evaluator will compare prices of bonds with substantially identical interest rates and maturities and which are of a creditworthiness of minimum investment grade or (v) by any combination of the above which it deems appropriatebonds. The Evaluator shall also make an evaluation of the Bonds deposited in the Trust Fund as of the time Evaluation Time on the day prior to the day said Bonds are deposited under this Indenture. Such evaluation shall be made on the same basis as set forth above and shall be based upon offering prices of said Bonds. In addition to the methods of determining the value of the Bonds described above, the Evaluator may make the initial evaluation in whole or in part by reference to the Blue List of Current Municipal Offerings (a daily publication containing the current public offering prices of public bonds of all grades currently being offered by dealers and banks). The Evaluator's determination of the offering price of the Bonds as of the Evaluation Time on the Date day prior to the date of Deposit deposit shall be included in Schedule A.Exhibit A attached to the Reference Trust Agreement.