THE FIRST TRUST GNMA REINVESTMENT INCOME TRUST, SERIES 74
AND SERIES 75
TRUST AGREEMENT
Dated: March 16, 1999
This Trust Agreement among Nike Securities L.P., as
Depositor, Chase Manhattan Bank, as Trustee, Securities
Evaluation Service, Inc., as Evaluator, and First Trust Advisors
L.P., as Portfolio Supervisor sets forth certain provisions in
full and incorporates other provisions by reference to the
document entitled "Standard Terms and Conditions of Trust for The
First Trust GNMA, Series 62 and subsequent Series, effective
December 19, 1991" (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, the Trustee, the
Evaluator and the Portfolio 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
FOR THE FIRST TRUST GNMA REINVESTMENT INCOME TRUST SERIES 74
("SERIES 74")
The following special terms and conditions are hereby agreed
to:
(A) The Securities defined in Section 1.01(5) listed in
Schedule A hereto have been deposited in trust under this Trust
Agreement and shall include any securities deposited in the Fund
pursuant to Section 2.01 hereof.
(B) The number of Units in the Trust referred to in
Section 2.03 is set forth under "Summary of Essential
Information - Number of Units" in the Prospectus.
(C) For the Trust the First General Record Date shall be
set forth under "Special Information - Distributions" of the
Prospectus.
(D) For the Trust the First Settlement Date shall be set
forth under "Summary of Essential Information - First Settlement
Date" in the Prospectus.
(E) For the Trust the Record Dates and the Distribution
Dates shall be set forth under "Special Information -
Distributions" in the Prospectus.
PART II
SPECIAL TERMS AND CONDITIONS OF TRUST
FOR THE FIRST TRUST GNMA REINVESTMENT INCOME TRUST SERIES 75
("SERIES 75")
The following special terms and conditions are hereby agreed
to:
(A) The Securities defined in Section 1.01(5) listed in
Schedule A hereto have been deposited in trust under this Trust
Agreement and shall include any securities deposited in the Fund
pursuant to Section 2.01 hereof.
(B) The number of Units in the Trust referred to in
Section 2.03 is set forth under "Summary of Essential
Information - Number of Units" in the Prospectus.
(C) For the Trust the First General Record Date shall be
set forth under "Special Information - Distributions" of the
Prospectus.
(D) For the Trust the First Settlement Date shall be set
forth under "Summary of Essential Information - First Settlement
Date" in the Prospectus.
(E) For the Trust the Record Dates and the Distribution
Dates shall be set forth under "Special Information -
Distributions" in the Prospectus.
PART III
(A) Any reference in the Standard Terms and Conditions of
Trust to "per 1,000 Units" shall be amended to read "per 100
Units," and any reference to "$1 per Unit" shall be amended to
read "$10 per Unit."
(B) Section 1.01(2) of the Standard Terms and Conditions of
Trust shall be amended to read as follows:
"(2) "Trustee" shall mean the Chase Manhattan Bank, or
any successor trustee as hereinafter provided."
All references to United States Trust Company of New York in
the Standard Terms and Conditions of Trust shall be amended to
refer to The Chase Manhattan Bank.
(C) Section 1.01(4) of the Standard Terms and Conditions of
Trust shall be amended to read as follows:
"(4) "Portfolio Supervisor" shall mean First
Trust Advisors L.P. and its successors in interest, or
any successor portfolio supervisor appointed as
hereinafter provided."
(D) The first and second paragraphs of Section 2.01 are
hereby restated in their entirety as follows:
Section 2.01. Deposit of Securities. (a) The Depositor, on
the date of the Trust Agreement, has deposited with the Trustee
in trust the Securities listed in Schedule A 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 or Contract Obligations relating to such Securities to be
held, managed and applied by the Trustee as herein provided. The
Depositor shall deliver the Securities listed on said Schedule A
which were not actually delivered concurrently with the execution
and delivery to the Trust Agreement and which were represented by
Contract Obligations to the Trustee within 10 calendar days after
said execution and delivery (the "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
Delivery Period, the Trustee shall immediately draw on the letter
of credit, if any, apply the monies in accordance with Section
3.03(b), and the Depositor shall forthwith take the remedial
action specified in Section 3.13. If the Depositor does not take
the action specified in Section 3.13 within 10 calendar days of
the end of the Delivery Period, the Trustee shall forthwith take
the action specified in Section 3.13.
(b)(1)From time to time following the Initial Date of
Deposit, the Depositor is hereby authorized, in its
discretion, to assign, convey to and deposit with the
Trustee (i) additional Securities, duly endorsed in blank or
accompanied by all necessary instruments of assignment and
transfer in proper form, (ii) Contract Obligations relating
to such additional Securities, accompanied by cash and/or
letter(s) of credit as specified in paragraph (c) of this
Section 2.01, or (iii) cash (or a letter of credit in lieu
of cash) with instructions to purchase additional
Securities, in an amount equal to the portion of the Unit
Value of the Units created by such deposit attributable to
the Securities to be purchased pursuant to such
instructions. Except as provided in the following
subparagraphs (2), (3) and (4) the Depositor, in each case,
shall ensure that each deposit of additional Securities
pursuant to this Section shall maintain, as nearly as
practicable, the Percentage Ratio. Each such deposit of
additional Securities shall be made pursuant to a Notice of
Deposit of Additional Securities delivered by the Depositor
to the Trustee. Instructions to purchase additional
Securities shall be in writing, and shall specify the name
of the Security, CUSIP number, if any, aggregate amount,
price or price range and date to be purchased. When
requested by the Trustee, the Depositor shall act as broker
to execute purchases in accordance with such instructions;
the Depositor shall be entitled to compensation therefor in
accordance with applicable law and regulations. The Trustee
shall have no liability for any loss or depreciation
resulting from any purchase made pursuant to the Depositor's
instructions or made by the Depositor as broker.
(2) Additional Securities (or Contract Obligations
therefor) may, at the Depositor's discretion, be deposited
or purchased in round lots. If the amount of the deposit is
insufficient to acquire round lots of each Security to be
acquired, the additional Securities shall be deposited or
purchased in the order of the Security in the Trust most
under-represented immediately before the deposit with
respect to the Percentage Ratio.
(3) If at the time of a deposit of additional
Securities, Securities of an issue deposited on the Initial
Date of Deposit (or of an issue of Replacement Securities
acquired to replace an issue deposited on the Initial Date
of Deposit) are unavailable, cannot be purchased at
reasonable prices or their purchase is prohibited or
restricted by applicable law, regulation or policies, the
Depositor may (i) deposit, or instruct the Trustee to
purchase, in lieu thereof, another issue of Securities or
Replacement Securities or (ii) deposit cash or a letter of
credit in an amount equal to the valuation of the issue of
Securities whose acquisition is not feasible with
instructions to acquire such Securities of such issue when
they become available.
(4) Any contrary authorization in the preceding
subparagraphs (1) through (3) notwithstanding, deposits of
additional Securities made after the 90-day period
immediately following the Initial Date of Deposit (except
for deposits made to replace Failed Contract Obligations if
such deposits occur with 20 days from the date of a failure
occurring within such initial 90-day period) shall maintain
exactly the Percentage Ratio existing immediately prior to
such deposit.
(5) In connection with and at the time of any deposit
of additional Securities pursuant to this Section 2.01(b),
the Depositor shall exactly replicate Cash (as defined
below) received or receivable by the Trust as of the date of
such deposit. For purposes of this paragraph, "Cash" means,
as to the Principal Account, cash or other property (other
than Securities) on hand in the Principal Account or
receivable and to be credited to the Principal Account as of
the date of the deposit (other than amounts to be
distributed solely to persons other than holders of Units
created by the deposit) and, as to the Income Account, cash
or other property (other than Securities) received by the
Trust as of the date of the deposit or receivable by the
Trust in respect of a record date for a payment on a
Security which has occurred or will occur before the Trust
will be the holder of record of a Security, reduced by the
amount of any cash or other property received or receivable
on any Security allocable (in accordance with the Trustee's
calculations of distributions from the Income Account
pursuant to Section 3.05) to a distribution made or to be
made in respect of a Record Date occurring prior to the
deposit. Such replication will be made on the basis of a
fraction, the numerator of which is the number of Units
created by the deposit and the denominator of which is the
number of Units which are outstanding immediately prior to
the deposit."
(E) Section 2.01 is hereby amended to include the following
subsection:
"(c) In connection with the deposits described in
Section 2.01 (a) and (b), the Depositor has, in the case of
Section 2.01(a) deposits, and, prior to the Trustee
accepting a Section 2.01(b) deposit, will, deposit cash
and/or letter(s) of credit (meeting the conditions set forth
in Section 2.07) in an amount sufficient to purchase the
Contract Obligations (the "Purchase Amount") relating to
Securities which are not actually delivered to the Trustee
at the time of such deposit, the terms of which
unconditionally allow the Trustee to draw on the full amount
of the available letter of credit. The Trustee may allow
the Depositor to substitute for any letter(s) of credit
deposited with the Trustee in connection with the deposits
described in Section 2.01(a) and (b) cash in an amount
sufficient to satisfy the obligations to which the letter(s)
of credit relates. Any substituted letter(s) of credit
shall be released by the Trustee. The Trustee may deposit
such cash or cash drawn on the letter of credit in a non-
interest bearing account for the Trust."
(F) The third paragraph of Section 2.01 is hereby amended
as subsection (d).
(G) The following Section 2.07 shall be added immediately
after Section 2.06.
"Section 2.07. Letter of Credit. The Trustee shall not
accept any letter of credit under this Indenture unless the
stated expiration date of the letter of credit is at least thirty
days from the respective date of deposit of Contract Obligations
pursuant to Section 2.01(a) or 2.01(b). The Trustee is
authorized to downpost the amount available under the letter of
credit, if any, deposited by the Depositor by an amount equal to
the purchase price of Contract Obligations representing
Securities delivered to the Trust on the date of delivery of such
Securities."
(H) Section 3.01 of the Standard Terms and Conditions of
Trust shall be replaced in its entirety with the following:
"Section 3.01. Initial Cost. Subject to reimbursement as
hereinafter provided, the cost of organizing the Trust and the
sale of the Trust Units shall be borne by the Depositor,
provided, however, that the liability on the part of the
Depositor under this section shall not include any fees or other
expenses incurred in connection with the administration of the
Trust subsequent to the deposit referred to in Section 2.01. At
the earlier of six months after the Initial Date of Deposit or
the conclusion of the primary offering period (as certified by
the Depositor to the Trustee), the Trustee shall withdraw from
the Account or Accounts specified in the Prospectus or, if no
Account is therein specified, from the Principal Account, and pay
to the Depositor the Depositors reimbursable expenses of
organizing the Trust in an amount certified to the Trustee by the
Depositor. In no event shall the amount paid by the Trustee to
the Depositor for the Depositors reimbursable expenses of
organizing the Trust exceed the estimated per Unit amount of
organization costs set forth in the Prospectus for the Trust
multiplied by the number of Units of the Trust outstanding at the
earlier of six months after the Initial Date of Deposit or the
conclusion of the primary offering period; nor shall the
Depositor be entitled to or request reimbursement for expenses of
organizing the Trust incurred after the earlier of six months
after the Initial Date of Deposit or the conclusion of the
primary offering period. If the cash balance of the Principal
Account is insufficient to make such withdrawal, the Trustee
shall, as directed by the Depositor, sell Securities identified
by the Depositor, or distribute to the Depositor Securities
having a value, as determined under Section 4.01 as of the date
of distribution, sufficient for such reimbursement. Securities
sold or distributed to the Depositor to reimburse the Depositor
pursuant to this Section shall be sold or distributed by the
Trustee, to the extent practicable, in the percentage ratio then
existing. The reimbursement provided for in this section shall
be for the account of Unit holders of record at the earlier of
six months after the Initial Date of Deposit or the conclusion of
the primary offering period. Any assets deposited with the
Trustee in respect of the expenses reimbursable under this
Section 3.01 shall be held and administered as assets of the
Trust for all purposes hereunder. The Depositor shall deliver to
the trustee any cash identified in the Statement of Net Assets of
the Trust included in the Prospectus not late than the expiration
of the Delivery Period and the Depositors obligation to make
such delivery shall be secured by the letter of credit deposited
pursuant to Section 2.01. Any cash which the Depositor has
identified as to be used for reimbursement of expenses pursuant
to this Section 3.01 shall be held by the Trustee, without
interest, and reserved for such purpose and, accordingly, prior
to the earlier of six months after the Initial Date of Deposit or
the conclusion of the primary offering period, shall not be
subject to distribution or, unless the Depositor otherwise
directs, used for payment of redemptions in excess of the per
Unit amount payable pursuant to the next sentence. If a Unit
holder redeems Units prior to the earlier of six months after the
Initial Date of Deposit or the conclusion of the primary offering
period, the Trustee shall pay the Unit holder, in addition to the
Redemption Value of the tendered Units, unless otherwise directed
by the Depositor, an amount equal to the estimated per Unit cost
of organizing the Trust set forth in the Prospectus, or such
lower revision thereof most recently communicated to the Trustee
by the Depositor pursuant to Section 5.01, multiplied by the
number of Units tendered for redemption; to the extent the cash
on hand in the Trust is insufficient for such payments, the
Trustee shall have the power to sell Securities in accordance
with Section 5.02. As used herein, the Depositors reimbursable
expenses of organizing the Trust shall include the cost of the
initial preparation and typesetting of the registration
statement, prospectuses (including preliminary prospectuses), the
indenture, and other documents relating to the Trust, SEC and
state blue sky registration fees, the cost of the initial
valuation of the portfolio and audit of the Trust, the initial
fees and expenses of the Trustee, and legal and other out-of-
pocket expenses related thereto, but not including the expenses
incurred in the printing of preliminary prospectuses and
prospectuses, expenses incurred in the preparation and printing
of brochures and other advertising materials and any other
selling expenses."
(I) Section 3.05 of Article III of the Standard Terms and
Conditions of Trust is hereby amended to include the following
subsection:
"Section 3.05(e) 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 3.15."
(J) Section 3.06(B)(3) is amended in its entirety to read
as follows:
"(3) the amount paid for purchases of New
Securities, Replacement Securities or Reinvestment
Securities pursuant to Section 3.13 and for redemptions
pursuant to Section 5.02."
(K) The title of Section 3.13 of Article III of the
Standard Terms and Conditions of Trust is hereby amended in its
entirety to read as follows:
"Section 3.13. Limited Replacement of Special
Securities; Replacement Securities; Reinvestment of
Principal."
(L) Section 3.13 of Article III of the Standard Terms and
Conditions of Trust is hereby amended by inserting the following
paragraphs immediately preceding the last paragraph of such
Section:
"From the Initial Date of Deposit until such time
as the Depositor notifies the Trustee in writing that
such action is impractical (the "Reinvestment Period"),
the Trustee shall, as directed by the Depositor, enter
into contracts (which the Depositor shall have approved
as satisfactory in form and substance) to purchase
obligations to be held as Securities hereunder as part
of the Trust Fund (the "Reinvestment Securities") and
shall pay for the same with the moneys held in the
Principal Account representing the payment or
prepayment of principal on the underlying Securities to
the extent that such proceeds are not required for the
purpose of redemption of Units or other charges to the
Principal Account then pending. In giving such
direction, the Depositor shall determine that the
Reinvestment Securities to be acquired pursuant to such
contract are taxable, mortgage-backed securities of the
modified pass-through type, fully guaranteed as to
principal and interest by the Government National
Mortgage Association and are substantially similar as
to maturity and interest rates as the Securities upon
which the principal used to purchase such Reinvestment
Securities was received.
The Trustee may purchase the Reinvestment
Securities for deposit in the Trust Fund directly from
market makers in such Securities or may retain the
Depositor or other brokers to purchase the Reinvestment
Securities and pay them usual and customary brokerage
commissions for such transactions. Funds remaining in
the Principal Account subsequent to a purchase of
Reinvestment Securities will remain in such Account
until such time as they can be invested into additional
Reinvestment Securities. During the Reinvestment
Period, amounts in the Principal Account which, the
Depositor determines and so notifies the Trustee in
writing or via facsimile, are (a) unable to be invested
into Reinvestment Securities or (b) are required to be
distributed for "regulated investment company" tax
purposes shall be distributed on the next semi-annual
distribution date, June 30 and December 31 of each
year, to Unit holders of record on June 1 and December
1, respectively.
At such time as the Depositor shall determine that
the reinvestment of cash from the Principal Account
into Reinvestment Securities shall no longer be
practical, the Depositor shall notify the Trustee, in
writing, that the Reinvestment Period is terminated.
Upon termination of the Reinvestment Period,
unreinvested amounts remaining in the Principal Account
and amounts subsequently credited to the Principal
Account shall be distributed in accordance with Section
3.05."
(M) The last paragraph of Section 3.13 of the Standard
Terms and Conditions of Trust is replaced as follows:
"Whenever a New Security is acquired by the
Depositor pursuant to the provisions of this Section
3.13, the Trustee shall, within five days thereafter,
mail to all Holders of Units of the respective Trust
Fund notice of such acquisition, including an
identification of the failed Special Security and the
New Security acquired.
The Trustee shall not be liable or responsible in
any way for depreciation or loss incurred by reason of
any purchase made pursuant to any direction of the
Depositor provided in this Section 3.13, and in the
absence of such direction the Trustee shall have no
duty to make any purchase. The Depositors shall not be
liable for errors of judgment in respect of this
Section 3.13; provided however, that this provision
shall not protect the Depositor against any liability
to which it would otherwise be subject by reason of
willful misfeasance, bad faith or gross negligence in
the performance of its duties or by reason of its
reckless disregard of its obligations and duties
hereunder."
(N) The phrase "in an amount which shall not exceed $0.15
per 1000 Units" in the first sentence of Section 3.14 shall be
amended to read "as set forth in the Prospectus per Unit".
(O) Article III of the Standard Terms and Conditions of
Trust is hereby amended by inserting the following paragraphs
which shall be entitled Section 3.15:
"Section 3.15. Bookkeeping and Administrative Expenses. As
compensation for providing bookkeeping and other administrative
services of a character described in 26(a)(2)(C) of the
Investment Company Act of 1940 to the extent such services are in
addition to, and do not duplicate, the services to be provided
hereunder by the Trustee or the Portfolio Supervisor, the
Depositor shall receive against a statement or statements
therefor submitted to the Trustee monthly or annually an
aggregate annual fee in an amount which shall not exceed an
amount set forth in the Prospectus under "Special Information"
times the number of Units outstanding as of January 1 of such
year except for a year or years in which an initial offering
period as determined by Section 4.01 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 Depositor provides
service during less than the whole of such year), but in no event
shall such compensation when combined with all compensation
received from other unit investment trusts for which the
Depositor hereunder is acting as Depositor for providing such
bookkeeping and administrative services in any calendar year
exceed the aggregate cost to the Depositor for the cost of
providing services to such unit investment trusts. Such
compensation may, from time to time, be adjusted provided that
the total adjustment upward does not, at the time of such
adjustment, exceed the percentage of the total increase, after
the date hereof, in consumer prices for services as measured by
the United States Department of Labor Consumer Price Index
entitled "All Services Less Rent of Shelter" or similar index, if
such index should no longer be published. The consent or
concurrence of any Unit holder hereunder shall not be required
for any such adjustment or increase. Such compensation shall be
paid by the Trustee, upon receipt of invoice therefor from the
Depositor, upon which, as to the cost incurred by the Depositor
of providing services hereunder the Trustee may rely, and shall
be charged against the Interest and Principal Accounts on or
before the Distribution Date following the Monthly Record Date on
which such period terminates. The Trustee shall have no
liability to any Certificateholder or other person for any
payment made in good faith pursuant to this Section.
If the cash balance in the Interest and Principal Accounts
shall be insufficient to provide for amounts payable pursuant to
this Section 3.15, the Trustee shall have the power to sell (i)
Securities from the current list of Securities designated to be
sold pursuant to Section 5.02 hereof, or (ii) if no such
Securities have been so designated, such Securities as the
Trustee may see fit to sell in its own discretion, and to apply
the proceeds of any such sale in payment of the amounts payable
pursuant to this Section 3.15.
Any moneys payable to the Depositor pursuant to this Section
3.15 shall be secured by a prior lien on the Trust Fund except
that no such lien shall be prior to any lien in favor of the
Trustee under the provisions of Section 6.04 herein."
(P) All provisions regarding the Distribution Date included
in Section 3.05 of Article III of the Standard Terms and
Conditions of Trust are hereby amended to change the Distribution
Date from the first day of the month following the Record Date to
the last day of the month in which the Record Date occurs.
(Q) Article III of the Standard Terms and Conditions of
Trust is hereby amended by inserting the following paragraph
which shall be entitled Section 3.16:
"Section 3.16. Deferred Sales Charge. If the
prospectus related to the Trust specifies a deferred sales
charge, the Trustee shall, on the dates specified in and as
permitted by such Prospectus (the "Deferred Sales Charge
Payment Dates"), withdraw from the Principal Account, an
amount per Unit specified in such Prospectus and credit such
amount to a special non-Trust account designated by the
Depositor out of which the deferred sales charge will be
distributed to or on the order of the Depositor on such
Deferred Sales Charge Payment Dates (the "Deferred Sales
Charge Account"). If the balance in the Principal Account
is insufficient to make such withdrawal, the Trustee shall,
as directed by the Depositor, advance funds in an amount
required to fund the proposed withdrawal and be entitled to
reimbursement of such advance upon the deposit of additional
monies in the Principal Account, and/or sell Securities and
credit the proceeds thereof to the Deferred Sales Charge
Account, provided, however, that the aggregate amount
advanced by the Trustee at any time for payment of the
deferred sales charge shall not exceed $15,000. Such
direction shall, if the Trustee is directed to sell a
Security, identify the Security to be sold and include
instructions as to the execution of such sale. In the
absence of such direction by the Depositor, the Trustee
shall sell Securities sufficient to pay the deferred sales
charge (and any unreimbursed advance then outstanding) in
full, and shall select Securities to be sold in such manner
as will maintain (to the extent practicable) the relative
proportion of number of shares of each Security then held.
The proceeds of such sales, less any amounts paid to the
Trustee in reimbursement of its advances, shall be credited
to the Deferred Sales Charge Account. If a Unit holder
redeems Units prior to full payment of the deferred sales
charge, the Trustee shall, if so provided in the related
Prospectus, on the Redemption Date, withhold from the
Redemption Price payable to such Unit holder an amount equal
to the unpaid portion of the deferred sales charge and
distribute such amount to the Deferred Sales Charge Account.
If the Trust is terminated for reasons other than that set
forth in Section 6.01(g), the Trustee shall, if so provided
in the related Prospectus, on the termination of the Trust,
withhold from the proceeds payable to Unit holders an amount
equal to the unpaid portion of the deferred sales charge and
distribute such amount to the Deferred Sales Charge Account.
If the Trust is terminated pursuant to Section 6.01(g)(ii),
the Trustee shall not withhold from the proceeds payable to
Unit holders any amounts of unpaid deferred sales charges.
If pursuant to Section 5.02 hereof, the Depositor shall
purchase a Unit tendered for redemption prior to the payment
in full of the deferred sales charge due on the tendered
Unit, the Depositor shall pay to the Unit holder the amount
specified under Section 5.02 less the unpaid portion of the
deferred sales charge. All advances made by the Trustee
pursuant to this Section shall be secured by a lien on the
Trust prior to the interest of the Unit holders."
(R) Notwithstanding anything to the contrary in Sections
3.16 and 4.05 of the Standard Terms and Conditions of Trust, so
long as Nike Securities L.P. is acting as Depositor, the Trustee
shall have no power to remove the Portfolio Supervisor.
(S) The phrase "of $0.30 per 1,000 Units" in the first
sentence of Section 4.03 shall be amended to read "as set forth
in the Prospectus per Unit".
(T) Section 5.01 of the Standard Terms and Conditions of
Trust shall be amended as follows:
(i) The fourth sentence of the first paragraph of
Section 5.01 shall be amended by deleting the phrase "and
(iii)" and adding the following, "(iii) amounts representing
unpaid accrued organization costs, and (iv)"; and
(ii) The following text shall immediately precede
the last sentence of the first paragraph of Section 5.01:
"The resulting figure is herein called a "Trust
Fund Evaluation." Prior to the payment to the Depositor of
its reimbursable organization costs to be made at the
earlier of six months after the Initial Date of Deposit or
the conclusion of the primary offering period in accordance
with Section 3.10, for purposes of determining the Trust
Fund Evaluation under this Section 5.01, the Trustee shall
rely upon the amounts representing unpaid accrued
organization costs in the estimated amount per Unit set
forth in the Prospectus until such time as the Depositor
notifies the Trust in writing of a revised estimated amount
per Unit representing unpaid accrued organization costs.
Upon receipt of such notice, the Trustee shall use this
revised estimated amount per Unit representing unpaid
accrued organization costs in determining the Trust Fund
Evaluation but such revision of the estimated expenses shall
not effect calculations made prior thereto and no adjustment
shall be made in respect thereof."
(U) The first sentence of the first paragraph of Section
5.02 of the Standard Terms and Conditions of Trust shall be
replaced with the following:
"Any Unit evidenced by a Certificate tendered for redemption
by a Certificateholder or his duly authorized attorney or any
Unit held in uncertificated form tendered by a Holder of Units or
his duly authorized attorney by means of an appropriate request
for redemption in a form approved by the Trustee to the Trustee
at its unit investment trust office in the City of New York,
shall be paid by the Trustee on the third business day following
the day on which tender for redemption is made in proper form
(being herein called the "Redemption Date").
(V) The first two sentences of Section 6.04 shall be
deleted and the following shall be substituted therefor:
"For services performed under this Indenture the Trustee
shall be paid an amount per annum set forth in the Prospectus.
Such compensation shall accrue daily and be computed on the basis
of the largest number of Units outstanding during the calendar
year except during the initial offering period (as specified to
the Trustee by the Depositor), in which case the fee is
calculated based on the number of Units outstanding during the
period for which the compensation is paid (such annual fee to be
prorated for any calendar year in which the Trustee provides
services during less than the whole of such year). However, in
no event, shall the Trustee receive compensation in any one year
from any Trust of less than $2,000 for such annual compensation."
(W) The third sentence of the second paragraph of Section
8.02 shall be replaced with the following:
"Commencing no earlier than nine business days prior to the
termination of the Trust, the Trustee will liquidate the
Securities during such period and in such daily amounts as the
Depositor shall direct, and shall:"
IN WITNESS WHEREOF, Nike Securities L.P., United States
Trust Company of New York, Securities Evaluation Service, Inc.
and First Trust Advisors L.P. have each caused this Trust
Agreement to be executed and the respective corporate seal to be
hereto affixed and attested (if applicable) by authorized
officers; all as of the day, month and year first above written.
NIKE SECURITIES L.P., Depositor
By Xxxxxx X. Xxxxxxxxxx
Senior Vice President
THE CHASE MANHATTAN BANK, Trustee
By Xxxxxxx X. Xxxxxxx
Vice President
(SEAL)
Attest:
Xxxx X. Xxxxxx
Assistant Secretary
SECURITIES EVALUATION SERVICE,
INC., Evaluator
By Xxxxx X. Xxxxxx
Vice President and Assistant
Secretary
(SEAL)
Attest:
Xxxxx Xxxxx
Vice President
FIRST TRUST ADVISORS L.P.,
Portfolio Supervisor
By Xxxxxx X. Xxxxxxxxxx
Senior Vice President
-3-
SCHEDULE A TO TRUST AGREEMENT
SECURITIES DEPOSITED
IN
THE FIRST TRUST GNMA REINVESTMENT INCOME TRUST, SERIES 74
AND SERIES 75
(Note:Incorporated herein and made a part hereof is the
"Portfolio" for Series 74 and Series 75 as set forth
in the Prospectus and any other securities that may
be deposited subsequent to the Initial Date of
Deposit pursuant to this Trust Agreement.)
SCHEDULE B TO TRUST AGREEMENT
THE FIRST TRUST GNMA REINVESTMENT INCOME TRUST, Series 74 and
Series 75
NOTICE OF DEPOSIT OF ADDITIONAL SECURITIES
Dated: March 16, 1999
Pursuant to Section 2.01 of the Trust Agreement dated March
16, 1999 among Nike Securities L.P., as Depositor, United States
Trust Company of New York, as Trustee, Securities Evaluation
Service, Inc., as Evaluator, and First Trust Advisors L.P., as
Portfolio Supervisor (the "Trust Agreement"), the Depositor
hereby certifies to the Trustee as follows:
(a) The additional securities listed in Appendix A
hereto are hereby deposited in trust and have a
substantially equal percentage relationship between the
principal amounts of the Securities of specified interest
rates and years of maturity as specified in the Trust's
prospectus dated March 16, 1999.
(b) In accordance with Section 2.03 of the Trust
Agreement, an additional ______________ Units should be
issued as a result of the deposit referred to in (a) above.
Taking into account the above Units, the total number of
Units in the Trust issued as of the date of this notice
is_____________
(c) Taking into account that Units issued in (b)
above, the fractional undivided interest in and ownership of
the Trust represented by each Unit is _________
NIKE SECURITIES L.P.
By
