INSURED MUNICIPAL SECURITIES TRUST
NEW YORK NAVIGATOR INSURED SERIES 2
AMENDED REFERENCE TRUST AGREEMENT
This Amended Reference Trust Agreement dated May 1, 1991 among
Bear, Xxxxxxx & Co. Inc. and Gruntal & Co., Incorporated, as Depositors, United
States Trust Company of New York, as Trustee and Xxxxx S&P Evaluation Services,
a division of Xxxxx Information Systems, Inc., as Evaluator, amends that certain
"Insured Municipal Securities Trust, 47th Discount Series and Series 20, and
Subsequent Series, Trust Indenture and Agreement" dated June 16, 1989 (the
"Indenture"), as amended by that certain "Insured Municipal Securities Trust,
New York Navigator Insured Series 2, Reference Trust Agreement" dated May 10,
1990 among Bear, Xxxxxxx & Co. Inc. and Gruntal & Co., Incorporated, as
Depositors, United States Trust Company, as Trustee and Standard & Poor's
Corporation, as Evaluator (the "Reference Trust Agreement").
WITNESSETH THAT:
Pursuant to the provisions of Section 9.01 of the Indenture,
the Depositors, Trustee and Evaluator hereby agree to amend the Reference Trust
Agreement in order to correct certain typographical errors contained in that
Agreement and to restate certain portions of that Agreement so as to reflect
properly he intent of the parties hereto. The parties hereto, therefore, agree
as follows:
That paragraph (k) of Part II of the Reference Trust Agreement
be amended in their entirety to read as follows:
"(k) For the purposes of Section 6.04, the Trustee shall be
paid per annum $1.00 per $1,000 principal amount of Bonds for that portion of
the Trust under the monthly distribution plan, $.54 per $1,000 principal amount
of Bonds for that portion of the Trust under the semi-annual distribution plan
and $.36 per $1,000 principal amount of bonds for that portion of the Trust
under the annual distribution plan. During the first year after the date hereof,
such payments to the Trustee will be reduced by a portion [a maximum of $.83 per
Unit times the number of Units on the monthly distribution plan, $.54 per unit
plus $.29 of Trust expenses (to be assumed and paid by the Trustee) times the
number of Units on the semi-annual distribution plan and $.36 per Unit plus $.47
of trust expenses (to be assumed and paid by the Trustee) times the number of
Units of the annual distribution plan] of the amount of interest which accrues
on any
480240.1
"when, as and if issued" Bonds between the first settlement date
of the Trust and the respective dates of delivery of such Bonds."
IN WITNESS WHEREOF, the parties hereto have caused this
Amended Reference Trust Agreement to be duly executed on the date first above
written.
[Signatures on separate pages]
480240.1
-2-
BEAR, XXXXXXX & CO. INC.
Depositor
By:
----------------------
Authorized Signator
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 1st day of May, 1991, before me personally appeared
Xxxxx X. XxXxxxx, to me known, who being by me duly sworn, said that he is an
Authorized Signator of Bear, Xxxxxxx & Co. Inc., one of the corporations
described in and which executed the foregoing instrument, and that he signed his
name thereto by authority of the Board of Directors of said corporation.
-------------------------
Notary Public
480240.1
-3-
GRUNTAL & CO. INCORPORATED
Depositor
By:
----------------------
Authorized Signator
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this 1st day of May, 1991, before me personally appeared
Xxxxxx Xxxxxxx, to me known, who being by me duly sworn, said that he is an
Authorized Signator of Gruntal & Co. Incorporated, one of the corporations
described in and which executed the foregoing instrument, and that he signed his
name thereto by authority of the Board of Directors of said corporation.
Notary Public
480240.1
-0-
XXXXXX XXXXXX TRUST COMPANY OF
NEW YORK, Trustee
By:
---------------------------
Assistant Vice President
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On this ____ day of __________________, 199_, before me
personally appeared ________________________________, to me known, who being by
me duly sworn, said that he is an Authorized Signator of United States Trust
Company of New York, one of the corporations described in and which executed the
foregoing instrument; that he knows the seal of said corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by
authority of the Board of Directors of said corporation and that he signed
________________ name thereto by like authority.
---------------------------------
Notary Public
480240.1
-5-
XXXXX INFORMATION SYSTEMS, INC.,
Evaluator
By:
-----------------------------
President
SEAL
ATTEST:
-------------------------------
Executive Vice President
and Secretary
480240.1
-6-
