EXHIBIT 1.1
ADVISORS DISCIPLINED TRUST 1912
TRUST AGREEMENT
Dated: January 18, 2019
This Trust Agreement among Advisors Asset Management, Inc., as Depositor,
Evaluator and Supervisor, and The Bank of New York Mellon, as Trustee, sets
forth certain provisions in full and incorporates other provisions by reference
to the document entitled "Standard Terms and Conditions of Trust For Advisor's
Disciplined Trust, Effective for Unit Investment Trusts Investing in Debt
Obligations Established On and After September 17, 2004 (Including Advisor's
Disciplined Trust, Series 15 and Subsequent Series)" (the "Standard Terms and
Conditions of Trust") and such provisions as are set forth in full and such
provisions as are incorporated by reference constitute a single instrument. All
references herein to Articles and Sections are to Articles and Sections of the
Standard Terms and Conditions of Trust.
WITNESSETH THAT:
In consideration of the premises and of the mutual agreements herein
contained, the Depositor, Trustee, Evaluator and Supervisor 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 Standard Terms and Conditions of Trust 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.
PART II
SPECIAL TERMS AND CONDITIONS OF TRUST
The following special terms and conditions are hereby agreed to:
1. The Securities listed in the Schedules hereto have been deposited in
trust under this Trust Agreement.
2. The fractional undivided interest in and ownership of the Trust
represented by each Unit thereof is a fractional amount, the numerator of which
is one and the denominator of which is the amount set forth under "Understanding
Your Investment--Statement of Financial Condition--Number of units" in the
Prospectus for the Trust.
3. Notwithstanding anything to the contrary in the Standard Terms and
Conditions of Trust, all Units will be held in uncertificated form and
Unitholders may not request a certificate representing his or her Units.
4. The aggregate number of Units described in Section 2.03(a) for the Trust
is that number of Units set forth under "Understanding Your Investment--
Statement of Financial Condition--Number of units" in the Prospectus for the
Trust.
5. The term "Deferred Sales Charge Payment Dates" shall mean the dates
specified for deferred sales fee installments under "Investment Summary--Fees
and Expenses" in the Prospectus for the Trust.
6. The term "First Settlement Date" shall mean the second Business Day
following the Initial Date of Deposit.
7. The term "Monthly Distribution Date" shall mean the "Distribution dates"
set forth under "Investment Summary--Essential Information" in the Prospectus
for the Trust.
8. The term "Monthly Record Date" shall mean the "Record dates" set forth
under "Investment Summary--Essential Information" in the Prospectus for the
Trust.
9. Section 1.01(1) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(1) 'Depositor' shall mean Advisors Asset Management, Inc. and its
successors in interest, or any successor depositor appointed as hereinafter
provided."
10. Section 1.01(2) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(2) 'Trustee' shall mean The Bank of New York Mellon and its successors in
interest, or any successor trustee appointed as hereinafter provided."
11. Section 1.01(3) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(3) 'Evaluator' shall mean Advisors Asset Management Inc., and its
successors in interest, or any successor evaluator appointed as hereinafter
provided."
12. Section 1.01(4) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(4) 'Supervisor' shall mean Advisors Asset Management Inc., and its
successors in interest, or any successor evaluator appointed as hereinafter
provided."
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13. Section 1.01(9) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(9) 'Contract Securities' shall mean Securities which are not actually
delivered concurrently with the execution and delivery of the Trust Agreement
and which are to be acquired by a Trust pursuant to contracts, including (i)
Securities listed in Schedule A to the Trust Agreement and (ii) Securities which
the Depositor has contracted to purchase for the Trust pursuant to Section 3.14
hereof."
14. Section 1.01(16) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(16) 'Failed Contract Securities' shall have the meaning assigned to it in
Section 3.14."
15. Section 1.01(17) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(17) 'Failed Contract Notice' shall have the meaning assigned to it in
Section 3.14."
16. Section 1.01(30) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(30) 'Purchase Period' shall have the meaning assigned to it in
Section 3.14."
17. Section 1.01(33) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(33) 'Reinvestment Securities' shall have the meaning assigned to it in
Section 3.14."
18. Section 1.01(34) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(34) 'Reinvestment Period' shall have the meaning assigned to it in
Section 3.14."
19. Section 1.01(35) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(35) 'Reinvestment Trust' shall mean a Trust which reinvests, pursuant to
Section 3.14(b), principal realized upon the sale, redemption, liquidation,
prepayment or maturity of Securities into Reinvestment Securities."
20. Section 1.01(36) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(36) 'Replacement Security' shall have the meaning assigned to it in
Section 3.14."
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21. Section 2.01(a) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(a) The Depositor, on the date of the Trust Agreement, has deposited with
the Trustee in trust the Securities listed in the Schedules attached to the
Trust Agreement in bearer form or duly endorsed in blank or accompanied by all
necessary instruments of assignment and transfer in proper form to be held,
managed and applied by the Trustee as herein provided. The Depositor shall
deliver the Contract Securities within 90 days after execution and delivery of
the Trust Agreement, or if the contract to buy such Contract Security between
the Depositor and seller is terminated by the seller thereof for any reason
beyond the control of the Depositor, the Depositor shall forthwith take the
remedial action specified in Section 3.14."
22. The second paragraph of Section 2.01(b) of the Standard Terms and
Conditions of Trust is replaced in its entirety with the following:
"The Depositor, in each case, shall ensure that each deposit of additional
Securities pursuant to this Section shall be, as nearly as is practicable, in
the identical ratio as the Percentage Ratio for such Securities. The Depositor
shall deliver the additional Securities which were not delivered concurrently
with the deposit of additional Securities and which were represented by Contract
Securities within 10 calendar days after such deposit of additional Securities
(the "Additional Securities Delivery Period"). If a contract to buy such
Securities between the Depositor and seller is terminated by the seller thereof
for any reason beyond the control of the Depositor or if for any other reason
the Securities are not delivered to the Trust by the end of the Additional
Securities Delivery Period for such deposit, the Trustee shall immediately draw
on the Letter of Credit, if any, in its entirety, apply the moneys in accordance
with Section 2.01(d), and the Depositor shall forthwith take the remedial action
specified in Section 3.14. If the Depositor does not take the action specified
in Section 3.14 within 10 calendar days of the end of the Additional Securities
Delivery Period, the Trustee shall forthwith take the action specified in
Section 3.14."
23. Section 2.01(d) of the Standard Terms and Conditions of Trust is
replaced in its entirety with the following:
"(d) In the event that the purchase of Contract Securities pursuant to any
contract shall not be consummated in accordance with said contract or if the
Securities represented by Contract Securities are not delivered to a Trust in
accordance with Section 2.01(a) or 2.01(b) and the moneys, or, if applicable,
the moneys drawn on the Letter of Credit, deposited by the Depositor are not
utilized for Section 3.14 purchases of Replacement Securities, such funds, to
the extent of the purchase price of Failed Contract Securities for which no
Replacement Securities were acquired pursuant to Section 3.14, plus all amounts
described in the next succeeding sentence, shall be credited to the Principal
Account and distributed pursuant to Section 3.05 to Unitholders of record as of
the Record Date next following the failure of consummation of such purchase. The
Depositor shall cause to be refunded to each Unitholder his pro rata portion of
the sales charge levied on the sale of Units to such Unitholder attributable to
such Failed Contract Security. Any amounts remaining from moneys drawn on the
Letter of Credit which are not
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used to purchase Replacement Securities or are not used to provide refunds to
Unitholders shall be paid to the Depositor."
24. Section 2.01(f)(iii) of the Standard Terms and Conditions of Trust is
replaced in its entirety by the following:
"(iii) Not later than the time on the settlement date for such
subscription when the Trustee is to deliver or assign the additional Units
created pursuant to the Subscription Notice, the Depositor shall deposit with
the Trustee (a) any additional Securities specified in the Subscription Notice
(or contracts to purchase such additional Securities together with cash or a
Letter of Credit in the amount necessary to settle such contracts) or (b) cash
or a Letter of Credit in an amount equal to the aggregate value of the
additional Securities specified in the Subscription Notice to be acquired for
the account of the Trust, and adding or subtracting the difference between such
aggregate value and the product of (x) the Unit Value computed pursuant to
Section 6.01 for the Business Day preceding the Trade Date times (y) the
verified number of additional Units to be created."
25. Section 3.05 of the Standard Terms and Conditions of Trust is replaced
in its entirety with the following:
"Section 3.05. Distributions. The Trustee, as of the First Settlement
Date, shall advance from its own funds and shall pay to the Unitholders of each
Trust then of record the amount of interest accrued on the Securities deposited
in such Trust. The Trustee shall be entitled to reimbursement for such
advancement from interest received by the respective Trust before any further
distributions shall be made from the Interest Account to Unitholders of such
Trust. The Trustee shall also advance from its own funds and pay the
appropriate persons the amount of any interest which accrues on any "when, as
and if issued" or "delayed delivery" Securities deposited in a trust from the
First Settlement Date to the respective dates of delivery to the Trust of any
such Securities. Subsequent distributions shall be made as hereinafter provided.
As of each Monthly Record Date, the Trustee shall, with respect to each
Trust:
(a) deduct from the Interest Account or, to the extent funds are not
available in such Account, from the Principal Account and pay to itself
individually the amounts that it is at the time entitled to receive
pursuant to Section 7.04;
(b) deduct from the Interest Account, or, to the extent funds are not
available in such Account, from the Principal Account and pay to the
Depositor the amount that it is entitled to receive pursuant to Section
3.14; and
(c) deduct from the Interest Account, or, to the extent funds are not
available in such Account, from the Principal Account and pay to counsel,
as hereinafter provided for, an amount equal to unpaid fees and expenses,
if any, of such counsel pursuant to Section 3.09 as certified to by the
Depositor.
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On or shortly after each Monthly Distribution Date for a Trust, the Trustee
shall make distributions as described herein by mail to or upon the order of
each Unitholder of record of such Trust as of the close of business on the
preceding Monthly Record Date at the post office address appearing on the
registration books of the Trustee. As of the "Initial distribution date" set
forth under "Investment Summary--Essential Information" in the Trust Prospectus
the Trustee shall distribute funds from the Interest Account of such Trust to
each Unitholder of record of such Trust as of the close of business on the
"Initial record date" set forth under "Investment Summary--Essential
Information" in the Trust Prospectus the amount specified under "Investment
Summary--Essential Information--Estimated initial distribution per unit" in the
Trust Prospectus. Thereafter, subsequent distributions of funds from the
Interest Account of a Trust to each Unitholder shall consist of such
Unitholder's pro rata share of the balance of the Interest Account calculated as
of the Monthly Record Date on the basis of one-twelfth of the estimated annual
interest income to such Trust for the ensuing twelve months after deduction of
the estimated costs and expenses of such Trust to be incurred and chargeable to
the Interest Account during the twelve month period for which the interest
income is to be estimated. In making such computation, the Trustee shall treat
as received amounts receivable by the Trust on the Securities prior to the next
following Monthly Distribution Date in respect of a record date for a Security
occurring on or before the Monthly Record Date on which the computation is being
made; should such amounts not be received by the Trust, the computation shall be
adjusted to reflect amounts actually received.
In the event the amount on deposit in the Interest Account of a Trust is
not sufficient for the payment of the amount of interest to be distributed to
Unitholders on the bases of the aforesaid computations, the Trustee may advance
its own funds and cause to be deposited in and credited to such Interest Account
such amounts as may be required to permit payment of the monthly interest
distribution to be made as aforesaid and shall be entitled to be reimbursed out
of amounts credited to the Interest Account subsequent to the date of such
advance.
Distributions of amounts represented by the cash balance in the Principal
Account for a Trust shall be computed as of each Monthly Record Date, provided,
however, that for this purpose the cash balance of the Principal Account shall
not include amounts permitted to be reinvested in Reinvestment Bonds pursuant to
Section 3.14 until the Depositor otherwise notifies the Trustee in writing. On
the following Monthly Distribution Date, or within a reasonable period of time
thereafter, the Trustee shall distribute by mail to each Unitholder of record of
such Trust at the close of business on the preceding Monthly Record Date at his
post office address such Unitholder's pro rata share of the cash balance of the
Principal Account calculated as of such Monthly Record Date, after deduction of
the costs and expenses of such Trust chargeable to the Principal Account. The
Trustee shall not be required to make a distribution from the Principal Account
unless the cash balance on deposit therein available for distribution shall be
sufficient to distribute at least $1.00 per Unit.
If the Depositor (i) fails to replace any Failed Contract Security or (ii)
is unable or fails to enter into any contract for the purchase of any
Replacement Security in accordance with Section 3.14, the Trustee shall
distribute to all Unitholders of the related Trust the principal, accrued
interest and sales charge attributable to such Failed Contract Security at the
next Monthly Distribution Date which is more than thirty days after the
expiration of the Purchase Period or at
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such earlier time or in such manner as the Trustee in its sole discretion deems
to be in the best interest of the Unitholders of the related Trust.
If any contract for a Replacement Security in replacement of a Failed
Contract Security shall fail, the Trustee shall distribute the principal, and,
to the extent paid by the Depositor, the accrued interest and sales charge
attributable to the Failed Contract Security to the Unitholders of the related
Trust at the next Monthly Distribution Date which is more than thirty days after
the date on which the contract in respect of such Replacement Security failed or
at such earlier time or in such earlier manner as the Trustee in its sole
discretion determines to be in the best interest of the Unitholders of the
related Trust. The Depositor agrees to reimburse the Trustee for any sales
charge payments collected by the Depositor to which it is not entitled pursuant
to this paragraph.
If, at the end of the Purchase Period, less than all moneys attributable to
a Failed Contract Security have been applied or allocated by the Trustee
pursuant to a contract to purchase Replacement Securities, the Trustee shall
distribute the remaining moneys to Unitholders of the related Trust at the next
Monthly Distribution Date which is more than thirty days after the end of the
Purchase Period or at such earlier time thereafter as the Trustee in its sole
discretion deems to be in the best interest of the Unitholders of the related
Trust.
The amounts to be so distributed to each Unitholder of a Trust shall be
that pro rata share of the cash balance of the Interest and Principal Accounts
of such Trust, computed as set forth above, as shall be represented by the Units
registered in the name of such Unitholder. In the computation of each such
share, fractions of less than one cent shall be omitted. After any such
distribution provided for above, any cash balance remaining in an Interest
Account or Principal Account of a Trust shall be held in the same manner as
other amounts subsequently deposited in each of such Interest and Principal
Accounts, respectively.
For the purpose of distributions as herein provided, the Unitholders of
record on the registration books of the Trustee at the close of business on each
Monthly Record Date shall be conclusively entitled to the related distribution,
and no liability shall attach to the Trustee by reason of payment to any such
registered Unitholder of record. Nothing herein shall be construed to prevent
the payment of amounts from the Interest Account and the Principal Account of a
Trust to individual Unitholders by means of one check, draft or other proper
instrument, provided that the appropriate statement of such distribution shall
be furnished therewith as provided in Section 3.06 hereof.
Notwithstanding anything to the contrary herein, if a Trust has elected to
be taxed as a regulated investment company under the United States Internal
Revenue Code of 1986, as amended, the Trustee is directed to make any
distribution or take any action necessary in order to maintain the qualification
of the Trust as a regulated investment company for federal income tax purposes
or to provide funds to make any distribution for a taxable year in order to
avoid imposition of any income or excise taxes on the Trust or on undistributed
income in the Trust."
26. Section 3.07(a)(viii) of the Standard Terms and Conditions of Trust is
replaced in its entirety by the following:
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"(viii) that as of any Monthly Record Date any of the Securities are
scheduled to be redeemed and paid prior to the next succeeding Monthly
Distribution Date; provided, however, that as the result of such redemption the
Trustee will receive funds in an amount sufficient to enable the Trustee to
include in the next distribution from the Principal Account at least $1.00 per
Unit;"
27. Section 3.07(a)(x) and Section 3.07(b) of the Standard Terms and
Conditions of Trust are replaced in their entirety by the following:
"(x) if the Trust has elected to be taxed as a "regulated investment
company" as defined in the United States Internal Revenue Code of 1986, as
amended, that such sale is necessary or advisable (a) to maintain the
qualification of the Trust as a regulated investment company or (b) to provide
funds to make any distribution for a taxable year in order to avoid imposition
of any income or excise taxes on the Trust or on undistributed income in the
Trust.
(b) In the event a Security is sold pursuant to any provisions of this
Section 3.07 as a direct result of serious adverse credit factors affecting the
issuer of such Security and the Trust has elected to be taxed as a "regulated
investment company" as defined in the United States Internal Revenue Code of
1986, as amended, then the Depositor may, but is not obligated, to direct the
reinvestment of the proceeds of the sale of such Security in any other
securities which meet the criteria necessary for inclusion in such Trust on the
Initial Date of Deposit."
28. Section 3.12 of the Standard Terms and Conditions of Trust is hereby
amended by adding the following immediately after Section 3.12(c):
"(d)(i) The Depositor may resign and be discharged hereunder by executing
an instrument in writing resigning as Depositor and filing the same with the
Trustee, not less than sixty (60) days before the date specified in such
instrument when such resignation is to take effect. Upon effective resignation
hereunder, the resigning Depositor shall be discharged and shall no longer be
liable in any manner hereunder except as to acts or omissions occurring prior to
such resignation and any successor depositor appointed by the Trustee pursuant
to Section 7.01(f) shall thereupon perform all duties and be entitled to all
rights under this Indenture. The successor Depositor shall not be under any
liability hereunder for occurrences or omissions prior to the execution of such
instrument. Notice of such resignation and appointment of a successor depositor
shall be delivered by the Trustee to each Unitholder then of record.
(ii) Any successor depositor appointed hereunder shall execute,
acknowledge and deliver to the Trustee an instrument accepting such appointment
hereunder, and such successor depositor without any further act, deed or
conveyance shall become vested with all the rights, powers, duties and
obligations of its predecessor hereunder with like effect as if originally named
Depositor herein and shall be bound by all the terms and conditions hereunder.
(iii) In case at any time the Depositor shall resign and no successor
depositor shall have been appointed and have accepted appointment within thirty
(30) days after notice of resignation has been received by the Trustee, the
Depositor may forthwith apply to a court of
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competent jurisdiction for the appointment of a successor depositor. Such court
may thereupon after such notice, if any, as it may deem proper and prescribe,
appoint a successor depositor.
(iv) Any entity into which the Depositor hereunder may be merged or
with which it may be consolidated, or any entity resulting from any merger or
consolidation to which the Depositor hereunder shall be a party, shall be the
successor depositor under this Indenture without the execution or filing of any
paper, instrument or further act to be done on the part of the parties hereto,
anything herein, or in any agreement relating to such merger or consolidation,
by which the Depositor may seek to retain certain powers, rights and privileges
theretofore obtaining for any period of time following such merger or
consolidation, to the contrary notwithstanding.
(v) Any resignation of the Depositor and appointment of a successor
depositor pursuant to this Section 3.12 shall become effective upon acceptance
of appointment by the successor depositor as provided in Section 3.12(d)(ii)."
29. The paragraph immediately following Section 3.14(a)(3) of the Standard
Terms and Conditions of Trust is replaced in its entirety with the following:
"Notwithstanding anything to the contrary in this Section 3.14, no
substitution of Replacement Securities will be made if such substitution will
adversely affect the federal income tax status of the related Trust."
30. The third paragraph of Section 3.15 of the Standard Terms and Conditions
of Trust is replaced in its entirety by the following:
"To the extent permitted by applicable laws, rules and regulations, any
moneys payable to the Depositor pursuant to this Section 3.15 shall be secured
by a lien on the related Trust in favor of the Depositor prior to the interest
of Unitholders, but no such lien shall be prior to any lien in favor of the
Trustee under the provisions of Section 7.04 herein. To the extent of such
lien, the Trustee shall hold the assets of the Trust for the benefit of the
Depositor, provided that the Trustee is authorized to make dispositions,
distributions and payments for expenses in the ordinary course of the
administration of the Trust without regard to such lien."
31. The Depositor's annual compensation as set forth under Section 3.15
shall be that dollar amount per Unit set forth under "Investment Summary--Fees
and Expenses--Annual Operating Expenses--Supervisory, evaluation and
administration fees" in the Prospectus for the Trust.
32. Section 3.16 of the Standard Terms and Conditions of Trust is hereby
amended by adding the following immediately after the second paragraph:
"To the extent permitted by applicable laws, rules and regulations, any
moneys payable to the Depositor pursuant to this Section 3.16 shall be secured
by a lien on the related Trust in favor of the Depositor prior to the interest
of Unitholders, but no such lien shall be prior to any lien in favor of the
Trustee under the provisions of Section 7.04 herein. To the extent of such
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lien, the Trustee shall hold the assets of the Trust for the benefit of the
Depositor, provided that the Trustee is authorized to make dispositions,
distributions and payments for expenses in the ordinary course of the
administration of the Trust without regard to such lien."
33. Section 3.17 of the Standard Terms and Conditions of Trust is hereby
amended by adding the following immediately after the first paragraph:
"To the extent permitted by applicable laws, rules and regulations, any
moneys payable to the Depositor pursuant to this Section 3.17 shall be secured
by a lien on the related Trust in favor of the Depositor prior to the interest
of Unitholders, but no such lien shall be prior to any lien in favor of the
Trustee under the provisions of Section 7.04 herein. To the extent of such
lien, the Trustee shall hold the assets of the Trust for the benefit of the
Depositor, provided that the Trustee is authorized to make dispositions,
distributions and payments for expenses in the ordinary course of the
administration of the Trust without regard to such lien."
34. The Standard Terms and Conditions of Trust shall be amended to include
the following section:
"Section 3.18. Regulated Investment Company Election. If the Prospectus for
a Trust states that such Trust intends to elect to be treated and to qualify as
a "regulated investment company" as defined in the United States Internal
Revenue Code of 1986, as amended, the Trustee is hereby directed to make such
elections and take all actions, including any appropriate election to be taxed
as a corporation, as shall be necessary to effect such qualification or to
provide funds to make any distribution for a taxable year in order to avoid
imposition of any income or excise tax on the Trust or on undistributed income
in the Trust. The Trustee shall make such reviews of each Trust portfolio as
shall be necessary to maintain qualification of a particular Trust as regulated
investment company and to avoid imposition of tax on a Trust or undistributed
income in a Trust, and the Depositor and Supervisor shall be authorized to rely
conclusively upon such reviews."
35. The first sentence of Section 6.02 of the Standard Terms and Conditions
of Trust is replaced in its entirety by the following:
"Section 6.02. Redemptions by Trustee; Purchases by Depositor. Any Unit
tendered for redemption by a Unitholder or his duly authorized attorney to the
Trustee at its unit investment trust division office, currently at 0 Xxxxxx
Xxxxx, 00xx Xxxxx, Xxxxxxxx, XX 00000, tendered by means of an appropriate
request for redemption in form approved by the Trustee shall be redeemed by the
Trustee no later than the seventh calendar day following the day on which tender
for redemption is made, provided that if such day of redemption is not a
Business Day, then such Unit shall be redeemed on the first Business Day prior
thereto (being herein called the "Redemption Date")."
36. The first sentence of Section 7.04 of the Standard Terms and Conditions
of Trust is replaced in its entirety by the following:
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"For services performed under this Indenture the Trustee shall be paid an
annual fee in the amount per Unit set forth in the Trust Agreement, which fee
shall accrue daily and be computed based on the number of Units outstanding as
of January 1 of such year except for a Trust during the year or years in which
an initial offering period as determined in Section 5.01 of this Indenture
occurs, in which case the fee for a month is based on the number of Units
outstanding at the end of such month (such annual fee to be pro rated for any
calendar year in which the Trustee provides services during less than the whole
of such year)."
37. The Trustee's annual compensation as set forth under Section 7.04 of the
Standard Terms and Conditions of Trust, shall be $.95 per Unit provided,
however, such fee shall be reduced if and as specified in footnote 1, if any,
under "Investment Summary--Fees and Expenses" in the Prospectus for the Trust.
38. Section 9.01 of the Standard Terms and Conditions of Trust is replaced
in its entirety with the following:
"Section 9.01. Amendments. (a) This Indenture may be amended from time to
time by the Depositor and Trustee or their respective successors, without the
consent of any of the Unitholders, (i) to cure any ambiguity or to correct or
supplement any provision contained herein which may be defective or inconsistent
with any other provision contained herein, (ii) to make such other provision in
regard to matters or questions arising hereunder as shall not materially
adversely affect the interests of the Unitholders or (iii) to make such
amendments as may be necessary (a) for the Trust to continue to qualify as a
regulated investment company for federal income tax purposes if the Trust has
elected to be taxed as such under the United States Internal Revenue Code of
1986, as amended, or (b) to prevent the Trust from being deemed an association
taxable as a corporation for federal income tax purposes if the Trust has not
elected to be taxed as a regulated investment company under the United States
Internal Revenue Code of 1986, as amended. This Indenture may not be amended,
however, without the consent of all Unitholders then outstanding, so as (1) to
permit, except in accordance with the terms and conditions hereof, the
acquisition hereunder of any Securities other than those specified in the
Schedules to the Trust Agreement or (2) to reduce the aforesaid percentage of
Units the holders of which are required to consent to certain of such
amendments. This Indenture may not be amended so as to reduce the interest in a
Trust represented by Units without the consent of all affected Unitholders.
(b) Except for the amendments, changes or modifications as provided in
Section 9.01(a) hereof, neither the parties hereto nor their respective
successors shall consent to any other amendment, change or modification of this
Indenture without the giving of notice and the obtaining of the approval or
consent of Unitholders representing at least 66 2/3% of the Units then
outstanding of the affected Trust. Nothing contained in this Section 9.01(b)
shall permit, or be construed as permitting, a reduction of the aggregate
percentage of Units the holders of which are required to consent to any
amendment, change or modification of this Indenture without the consent of the
Unitholders of all of the Units then outstanding of the affected Trust and in no
event may any amendment be made which would (1) alter the rights to the
Unitholders as against each other, (2) provide the Trustee with the power to
engage in business or investment activities other than as specifically provided
in this Indenture, (3) adversely affect the tax status of the
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Trust for federal income tax purposes or result in the Units being deemed to be
sold or exchanged for federal income tax purposes or (4) unless the Trust has
elected to be taxed as a regulated investment company for federal income tax
purposes, result in a variation of the investment of Unitholders in the Trust.
(c) Unless the Depositor directs that other notice shall be provided, the
Trustee shall include in the annual report provided pursuant to Section 3.06
notification of the substance of such amendment."
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IN WITNESS WHEREOF, the undersigned have caused this Trust Agreement to be
executed; all as of the day, month and year first above written.
ADVISORS ASSET MANAGEMENT, INC.
By /s/ XXXX X. XXXXXXXX
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Senior Vice President
THE BANK OF NEW YORK MELLON
By /s/ XXXXXXX XXXXXXXX
-----------------------------
Vice President
SCHEDULE A TO TRUST AGREEMENT
SECURITIES INITIALLY DEPOSITED
IN
ADVISORS DISCIPLINED TRUST 1912
Incorporated herein by this reference and made a part hereof
is the schedule set forth under "Portfolio" in the Prospectus for the Trust.
