Executed in 6 Parts
Counterpart No. ( )
NATIONAL EQUITY TRUST
OTC Growth Trust Series 27
REFERENCE TRUST AGREEMENT
This Reference Trust Agreement dated ________, 2003 among Prudential
Investment Management Services LLC, as Depositor, Prudential Investments LLC, as
Portfolio Supervisor, and The Bank of New York, as Trustee sets forth certain
provisions in full and incorporates other provisions by reference to the
document entitled "National Equity Trust, Trust Indenture and Agreement" (the
"Basic Agreement") dated February 2, 2000. Such provisions as are set forth in
full herein and such provisions as are incorporated by reference constitute a
single instrument (the "Indenture").
WITNESSETH THAT:
In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows: Part I.
STANDARD TERMS AND CONDITIONS OF TRUST
Subject to the provisions of Part II hereof, all the provisions contained
in the Basic Agreement are herein incorporated by reference in their entirety
and shall be deemed to be a part of this instrument as fully and to the same
extent as though said provisions had been set forth in full in this instrument.
A. Article I, entitled "Definitions," shall be amended as follows:
(i) Section 1.01-Definitions shall be amended to add the following definition
at the end thereof:
"Portfolio Supervisor" of the Trust shall have the meaning assigned to it
in Part II of the Reference Trust Agreement.
B. Article III, entitled "Administration of Trust," shall be amended as
follows:
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(i) The third paragraph of Section 3.05-Distribution shall be amended by
deleting any reference to Depositor and replacing it with Portfolio Supervisor.
(ii) Section 3.14-Deferred Sales Charge shall be amended to add the
following sentences at the end thereof:
"References to Deferred Sales Charge in this Trust Indenture and Agreement shall
include any Creation and Development Fee indicated in the prospectus for a
Trust. The Creation and Development Fee shall be payable on each date so
designated and in an amount determined as specified in the prospectus for a
Trust."
C. Article VIII, entitled "Depositor," shall be amended as follows:
(i) Section 8.07-Compensation shall be amended by deleting any reference to
Depositor and replacing it with Portfolio Supervisor.
D. Article IX, entitled "Additional Covenants; Miscellaneous Provisions,"
shall be amended as follows:
(i) The first sentence of Section 9.05 - Written Notice shall be amended by
deleting the language "Prudential Securities Incorporated at Xxx Xxxxxxx Xxxxx,
Xxx Xxxx, Xxx Xxxx 00000" and replacing it with "Prudential Investment
Management LLC at 000 Xxxxxxxx Xxxxxx, Xxxxxxx Center Three, Xxxxxx, Xxx Xxxxxx
00000".
Part II.
SPECIAL TERMS AND CONDITIONS OF TRUST
The following special terms and conditions are hereby agreed to:
A. The Trust is denominated National Equity Trust, OTC Growth Trust Series
27.
B. The Units of the Trust shall be subject to a deferred sales charge.
C. The publicly traded stocks listed in Schedule A hereto are those which,
subject to the terms of this Indenture, have been or are to be deposited in
Trust under this Indenture as of the date hereof.
D. The term "Depositor" shall mean Prudential Investment Management
Services LLC.
E. The term "Portfolio Supervisor" shall mean Prudential Investments LLC.
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F. The aggregate number of Units referred to in Sections 2.03 and 9.01 of
the Basic Agreement is as of the date hereof.
G. A Unit of the Trust is hereby declared initially equal to 1/ th
of the Trust.
H. The term "First Settlement Date" shall mean , 2003.
I. The terms "Computation Day" and "Record Date" shall be on such dates as
the Sponsor shall direct.
J. The term "Distribution Date" shall be on such dates as the Sponsor shall
direct.
K. The term "Termination Date" shall mean , 2004.
L. The Trustee's Annual Fee shall be $.90 (per 1,000 Units) for 49,999,999
and below Units outstanding, $.84 (per 1,000 Units) for 50,000,000 to 99,999,999
Units outstanding, $.78 (per 1,000 Units) for 100,000,000 to 199,999,999 Units
outstanding and $.66 (per 1,000 Units) on Units in excess of 200,000,000 Units.
In calculating the Trustee's annual fee, the fee applicable to the number of
units outstanding shall apply to all units outstanding.
M. The Depositor's Portfolio supervisory service fee shall be $.25 per
1,000 Units.
[Signatures and acknowledgments on separate pages]
