EXHIBIT 1.1
XXX XXXXXX INSURED INCOME TRUST, SERIES 72
TRUST AGREEMENT
Dated: September 17, 1998
This Trust Agreement between Xxx Xxxxxx Funds Inc., as Depositor,
American Portfolio Evaluation Services, a division of Xxx Xxxxxx Investment
Advisory Corp., as Evaluator, and The Bank of New York, 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 Van Xxxxxx Xxxxxxx
Insured Income Trust, Series 1 and Subsequent Series, Effective: April 3, 1990"
(herein called 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 and the Trustee and the Evaluator 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:
(a) The Bonds defined in Section 1.01(4), listed in Schedule
A hereto, have been deposited in trust under this Trust Agreement.
(b) The fractional undivided interest in and ownership of the
Trust Fund represented by each Unit is the amount set forth under
"Summary of Essential Financial Information--Fractional Undivided
Interest in the Fund per Unit" in the Prospectus.
(c) The First General Record Date and the amount of the
second distribution of funds from the Interest Account shall be the
record date for the Interest Account and the amount set forth under
"Distribution Options" on page 2 of the Prospectus.
(d) The First Settlement Date shall be the date set forth
under "Summary of Essential Financial Information--First Settlement
Date" in the Prospectus.
(e) The Evaluation time has been changed from 3:00 P.M.
Eastern time to 4:00 P.M. Eastern time.
(f) Sections 8.02(d) and 8.02(e) of the Standard Terms
and Conditions of Trust are hereby stricken and replaced by the following:
(d) distribution to each Certificateholder
of such Trust such holder's pro rata share of the balance of the Interest
Account of such Trust;
(e) distribute to each Certificateholder of
such Trust such holder's pro rata share of the balance of the
Principal Account of such Trust; and
(g) Section 1.01(11) of the Standard Terms and
Conditions of Trust are hereby stricken and replaced by the following:
(11) "Insurer" shall mean AMBAC Assurance
Corporation, and/or Capital Markets Assurance Corporation,
their respective successors and assigns, each having its
principal office in New York, New York, one or both of which
have issued the contract or policy of insurance obtained by
the Trust Fund protecting the Trust Fund and the
Certificateholders thereof against nonpayment when due of the
principal of and interest on certain of the Bonds (except for
Pre-Insured Bonds) held by the Trustee as part of the Fund.
(h) All references to "Van Xxxxxx Xxxxxxx Insured Income
Trust," "Van Xxxxxx Xxxxxxx Inc." and "Van Xxxxxx Xxxxxxx Investment
Advisory Corp." in the Standard Terms and Conditions of Trust are
hereby stricken and replaced with "Xxx Xxxxxx Insured Income Trust,"
"Xxx Xxxxxx Funds Inc." and "Xxx Xxxxxx Investment Advisory Corp.,"
respectively.
(i) The Trustee's annual compensation as set forth under
Section 6.04, under each distribution plan shall be that amount as
specified in the Prospectus under the section entitled "Per Unit
Information" for each Trust and will include a fee to induce the
Trustee to advance funds to meet scheduled distributions.
(j) The term "Record Date" shall mean the "Record and
Computation Dates" set forth under "Per Unit Information" for each
Trust in the Prospectus. Notwithstanding anything to the contrary in
the Standard Terms and Conditions of Trust, all distributions to
Certificateholders shall be computed as of the related Record Date as
that term is defined in the previous sentence.
(k) The term "Distribution Date" shall mean the "Distribution
Dates" set forth under "Per Unit Information" for each Trust in the
Prospectus. Notwithstanding anything to the contrary in the Standard
Terms and Conditions of Trust, all distributions to Certificateholders
shall be made as of the related Distribution Date as that term is
defined in the previous sentence.
(l) Section 1.01(1) and (3) shall be replaced in their
entirety by the following:
(1) "Depositor" shall mean Xxx Xxxxxx Funds
Inc. and its successors in interest, or any successor depositor appointed
as hereinafter provided.
(3) "Evaluator" shall mean American Portfolio
Evaluation Services (a division of Xxx Xxxxxx Investment Advisory Corp.) and
its successors in interest, or any successor evaluator appointed as hereinafter
provided.
IN WITNESS WHEREOF, Xxx Xxxxxx Funds Inc. has caused this Trust
Agreement to be executed by one of its Vice Presidents or Assistant Vice
Presidents and its corporate seal to be hereto affixed and attested by its
Secretary or one of its Vice Presidents or Assistant Secretaries, American
Portfolio Evaluation Services, a division of Xxx Xxxxxx Investment Advisory
Corp., has caused this Trust Indenture and Agreement to be executed by its
President or one of its Vice Presidents and its corporate seal to be hereto
affixed and attested to by its Secretary, its Assistant Secretary or one of its
Assistant Vice Presidents and The Bank of New York, has caused this Trust
Agreement to be executed by one of its Vice Presidents and its corporate seal to
be hereto affixed and attested to by one of its Assistant Treasurers; all as of
the day, month and year first above written.
XXX XXXXXX FUNDS INC.
By XXXXX X. XXXXX
Vice President, Associate General
Counsel and Assistant Secretary
(SEAL)
Attest:
By NICOLAUS DILMASO
Assistant Secretary
AMERICAN PORTFOLIO EVALUATION SERVICE, a
division of Xxx Xxxxxx Investment Advisory
Corp.
By XXXXX X. XXXXX
President
(SEAL)
Attest:
By NICOLAUS DILMASO
Assistant Secretary
THE BANK OF NEW YORK
By XXXXXXX XXXXX
Vice President
(SEAL)
Attest:
By XXXXXX XXXX
Assistant Treasurer
SCHEDULE A TO TRUST AGREEMENT
SECURITIES INITIALLY DEPOSITED
IN
XXX XXXXXX INSURED INCOME TRUST, SERIES 72
(Note: Incorporated herein and made a part hereof is the "Portfolio" as set
forth in the Prospectus.)
