TAX EXEMPT SECURITIES TRUST NATIONAL TRUST 432 REFERENCE TRUST AGREEMENT Dated as of August 23, 2006Reference Trust Agreement • August 24th, 2006 • Tax Exempt Securities Trust California Trust 224
This Reference Trust Agreement among Citigroup Global Markets Inc., as Sponsor, The Bank of New York, as Trustee, and Standard & Poor’s Securities Evaluations, Inc., a subsidiary of The McGraw-Hill Companies, Inc., as Evaluator, sets forth certain provisions in full and incorporates other provisions by reference to the document entitled “Tax Exempt Securities Trust, For All Series Formed On Or Subsequent to The Effective Date Specified Below, Trust Indenture and Agreement” dated July 28, 2005 (the “Basic Agreement”). Such provisions as are set forth in full herein and such provisions as are incorporated by reference constitute, for each Series, respectively, a single instrument (the “Indenture”).
