Common use of Evaluation of Securities Clause in Contracts

Evaluation of Securities. The Trustee shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a national or foreign securities exchange, such valuation shall be based on the closing sale price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (a) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The During the initial offering period of a Trust (as determined by the Depositor), the value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a national or foreign securities exchange, such valuation shall be based on the closing sale price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (a) on the basis of current bid offering prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or (b) if bid offering prices are not available for any of such Securities, on the basis of bid offering prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid offering side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation). After the initial offering period of Units of a Trust (as determined by the Depositor), evaluation of the Securities shall be made in the manner described in preceding paragraph, on the basis of the bid side value of the relevant currency exchange rate expressed in U.S. dollars and, except in those cases in which the Securities are listed on a national or foreign securities exchange, and the last available sale prices are utilized, on the basis of the last available bid price of the Securities. In addition, the independent evaluation service may reduce the evaluation of each Security which is principally traded outside of the United States by the amount of any liquidation costs (other than brokerage costs incurred on any national securities exchange) and any capital gains or other taxes which would be incurred by the Trust upon the sale of such Security, such taxes being computed as if the Security were sold on the date of the evaluation. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreementabove. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. (a) The Evaluator shall determine separately, and shall promptly furnish to the Trustee and the Depositor upon request, the value of each issue of Securities (including Contract Securities) ("Evaluation") as of the Evaluation Time (i) on each Business Day during the period which the Units are being offered for sale to the public and (ii) on any other day on which a Trust Evaluation is to be made pursuant to Section 6.01 or which is requested by the Depositor or the Trustee. As part of the Trust Evaluation, the Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities initially deposited in a Trust on the Initial Date of Deposit. The Evaluator's determination of the offering prices of the Securities on the Initial Date of Deposit shall be included in the Schedules attached to the Trust Agreement.(b) During the initial offering period of a Trust (as determined in good faith by the Trustee Depositor) such Evaluation shall be made in accordance with the following proceduresmanner: If if the Securities are listed on a national or foreign securities exchange, such valuation Evaluation shall generally be based on the last available closing sale price on such or immediately prior to the Evaluation Time on the exchange which is the principal market thereoftherefor, which shall be deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee Evaluator deems such price inappropriate as a basis for valuation)evaluation) or, if there is no such available closing sale price on such exchange or market at the last available ask prices of the Securities. If the Securities are not so listed, listed or, if so listed and the principal market therefor is other than on such exchange exchange, or if there is no closing such available sale price on such exchangeexchange or if the Evaluator determines that such price is inappropriate as a basis for evaluation, such valuation Evaluation shall generally be based on the closing sale following methods or any combination thereof whichever the Evaluator deems appropriate: (i) in the case of Equity Securities and Options, on the basis of the current ask price in on the over-the-counter market (unless the Trustee Evaluator deems such price inappropriate as a basis for valuation) or if there is no such closing sale priceevaluation), then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (aii) on the basis of current bid offering prices of such Securities for the Bonds as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or trust; (biii) if bid current ask or offering prices are not available for any of such the Securities, on the basis of bid current ask or offering prices for comparable securities, or (civ) by appraisal determining the valuation of Securities on the ask or offering side of the market by appraisal, (v) by causing the value of the Securities on to be determined by others engaged in the bid side practice of the market evaluation, quoting or by such other appraisal as is deemed appropriate, appraising comparable securities or (dvi) by any combination of the above. If the Trust holds Securities denominated in a currency other than U.S. dollars, the Evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Evaluator deems such prices inappropriate as a basis for valuation). As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange at or immediately prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining For each Evaluation, the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation confirm and furnish to the Depositor the calculation of the Trust Evaluation to be computed pursuant to Section 6.01.(c) After the initial offering period of Units of a Trust (as determined by the Depositor), Evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated manner described in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”Section

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: (a) The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangeThe NASDAQ Stock Market, such valuation shall Inc. the evaluation will be based on the closing sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange if Exchange, the Securities are listed thereon (unless the Trustee deems such closing sale price inappropriate as a basis for valuation). If the Securities are not so listed, on that exchange shall apply) or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the-counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security not listed on a national exchange or The NASDAQ Stock Market, Inc. or, with respect to a Security so listed but the Trust, or (b) if bid prices are not available for any of such Securities, on Evaluator deems the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation, upon the Evaluator's request, the Depositor shall, from time to time, designate one or more evaluation services or other sources of information on which the Evaluator shall be authorized conclusively to rely in evaluating such Security, and the Evaluator shall have no liability for any errors in the information so received. The cost thereof shall be an expense reimbursable to the Evaluator from the Income and Capital Accounts. (b) Notwithstanding Section 4.01(a), except in those cases in which the Securities are listed on a national securities exchange or The NASDAQ Stock Market, Inc. and the closing sales prices are used and except for Trust Fund Evaluations required by Section 5.02 in determining Redemption Price, during the initial offering period, the evaluations of the Securities shall generally be made in the manner described in Section 4.01(a) based on the closing ask prices of the Securities rather than the closing bid prices.”

Evaluation of Securities. The Trustee shall determine ------------------------ separately and promptly furnish to the Depositor Depositors upon request the value of each issue of the Securities in the Trust (determined as set forth below) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation shall be based on the closing sale price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s 's expense, an independent evaluation service or services approved by the Depositor Depositors to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (a) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the DepositorDepositors) who customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee (a) In respect of Derivative Transactions, the Evaluator shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities Evaluation in the Trust as of following manner: (i) if options or futures positions held by the Series are exchange traded, those options and futures positions will be valued based on the last official closing price on or prior to the Evaluation Time on each the primary exchange for such position provided that there is an operating market-clearing mechanism at the relevant time of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a national determination, or foreign securities exchangeif none, such valuation shall be based on the closing sale price on such exchange which is methodology for evaluation set forth in the principal market thereof, deemed to be the New York Stock Exchange Prospectus; (ii) if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are Derivative Transaction is not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price traded on such an exchange, such valuation shall be the Evaluator will determine the value of based on its good faith determination of the closing sale price fair value of such Derivative Transaction in its reasonable discretion as set forth in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale priceprospectus, then the Trustee may utilizetaking into consideration factors, at the Trust’s expenseincluding, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methodsbut not limited to, or a combination thereof, which it deems appropriate: (a) the net amount to be paid to or received by the Series in connection with an early termination of such Derivative Transaction as determined pursuant to the Derivative Agreement on the basis of valuation date by the related Derivative Counterparty or any third party pricing service retained by the Evaluator, (b) current bid prices of such Securities for the Derivative Transaction as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities financials instruments comparable to those held by the TrustDerivative Transaction and/or (c) prices for comparable futures contracts, options or securities.” Except as provided in Section 5.01 of the Standard Terms and Conditions of Trust (b“Offering Period Evaluations”), the Evaluation after the Initial Offering Period shall be made (i) if bid prices are not available for any of such Securitieswhen the Series is “long or has purchased” the relevant Derivative Transactions, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market and the bid side value of any relevant currency exchange rate expressed in U.S. dollars and (ii) when the Series is “short or by such other appraisal as is deemed appropriatehas written” the relevant Derivative Transactions, or (d) by any combination on the basis of the aboveask side of the market and the ask side value of any relevant currency exchange rate expressed in U.S. dollars. As used herein, Whether the closing sale price Series is deemed to mean “long” or “short” and/or whether the most recent closing sale price on the relevant securities exchange prior to the Derivative Transaction should be bifurcated for such purposes in such Evaluation Time. The Trustee shall will be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it determined by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation)Evaluator.”

Evaluation of Securities. (a) The Evaluator shall determine separately, and shall promptly furnish to the Trustee and the Depositor upon request, the value of each issue of Securities (including Contract Securities) ("Evaluation") as of the Evaluation Time (i) on each Business Day during the period which the Units are being offered for sale to the public and (ii) on any other day on which a Trust Evaluation is to be made pursuant to Section 6.01 or which is requested by the Depositor or the Trustee. As part of the Trust Evaluation, the Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities initially deposited in a Trust on the Initial Date of Deposit. The Evaluator's determination of the offering prices of the Securities on the Initial Date of Deposit shall be included in the Schedules attached to the Trust Agreement.(b) During the initial offering period of a Trust (as determined in good faith by the Trustee Depositor) such Evaluation shall be made in accordance with the following proceduresmanner: If if the Securities are listed on a national or foreign securities exchange, such valuation Evaluation shall generally be based on the last available closing sale price on such or immediately prior to the Evaluation Time on the exchange which is the principal market thereoftherefor, which shall be deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee Evaluator deems such price inappropriate as a basis for valuation)evaluation) or, if there is no such available closing sale price on such exchange or market at the last available ask prices of the Securities. If the Securities are not so listed, listed or, if so listed and the principal market therefor is other than on such exchange exchange, or if there is no closing such available sale price on such exchangeexchange or if the Evaluator determines that such price is inappropriate as a basis for evaluation, such valuation Evaluation shall generally be based on the closing sale following methods or any combination thereof whichever the Evaluator deems appropriate: (i) in the case of Equity Securities and Options, on the basis of the current ask price in on the over-the-counter market (unless the Trustee Evaluator deems such price inappropriate as a basis for valuation) or if there is no such closing sale priceevaluation), then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (aii) on the basis of current bid offering prices of such Securities for the Bonds as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or trust; (biii) if bid current ask or offering prices are not available for any of such the Securities, on the basis of bid current ask or offering prices for comparable securities, or (civ) by appraisal determining the valuation of Securities on the ask or offering side of the market by appraisal, (v) by causing the value of the Securities on to be determined by others engaged in the bid side practice of the market evaluation, quoting or by such other appraisal as is deemed appropriate, appraising comparable securities or (dvi) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation Evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee Evaluator deems such prices inappropriate as a basis for valuation).”. As used herein, the closing

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: (a) The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangeThe NASDAQ Stock Market, such valuation shall Inc., the evaluation will be based on the closing sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange if Exchange, the Securities are listed thereon (unless the Trustee deems such closing sale price inappropriate as a basis for valuation). If the Securities are not so listed, on that exchange shall apply) or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the-counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security not listed on a national exchange or The NASDAQ Stock Market, Inc., or, with respect to a Security so listed but The Evaluator deems the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation), upon the Evaluator's request, the Depositor shall, from time to time, designate one or more evaluation services or other sources of information on which the Evaluator shall be authorized conclusively to rely in evaluating such Security, and the Evaluator shall have no liability for any errors in the information so received. The cost thereof shall be an expense reimbursable to the Evaluator from the Income and Capital Accounts.”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangethe NASDAQ National Market System, such valuation shall the evaluation will be based on the closing last sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange if Exchange, the Securities are listed thereon (unless the Trustee deems such last sale price inappropriate as a basis for valuation). If the Securities are not so listed, on that exchange shall apply) or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-over- the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the- counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security not listed on a national exchange or the TrustNASDAQ National Market System, or (b) if bid prices are not available for any of such Securitiesor, on with respect to a Security so listed but the basis of bid prices for comparable securities, or (c) by appraisal of Evaluator deems the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing last reported sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation), upon the Evaluator's request, the Depositor shall, from time to time, designate one or more evaluation services or other sources of information on which the Evaluator shall be authorized conclusively to rely in evaluating such Security, and the Evaluator shall have no liability for any errors in the information so received. The cost thereof shall be an expense reimbursable to the Evaluator from the Income and Capital Accounts.”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangethe NASDAQ National Market System, such valuation shall the evaluation will be based on the closing last sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange if Exchange, the Securities are listed thereon (unless the Trustee deems such last sale price inappropriate as a basis for valuation). If the Securities are not so listed, on that exchange shall apply) or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-over- the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the- counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable similar securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: (a) The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangethe NASDAQ National Market System, such valuation shall the evaluation will be based on the closing last sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange if Exchange, the Securities are listed thereon (unless the Trustee deems such last sale price inappropriate as a basis for valuation). If the Securities are not so listed, on that exchange shall apply) or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-over- the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the- counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security not listed on a national exchange or the TrustNASDAQ National Market System, or (b) if bid prices are not available for any of such Securitiesor, on with respect to a Security so listed but the basis of bid prices for comparable securities, or (c) by appraisal of Evaluator deems the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing last reported sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation), upon the Evaluator's request, the Depositor shall, from time to time, designate one or more evaluation services or other sources of information on which the Evaluator shall be authorized conclusively to rely in evaluating such Security, and the Evaluator shall have no liability for any errors in the information so received. The cost thereof shall be an expense reimbursable to the Evaluator from the Income and Capital Accounts.”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: (a) The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangeThe NASDAQ Stock Market, such valuation shall Inc., the evaluation will be based on the closing sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange if Exchange, the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on that exchange shall apply) or, if there is no sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the-counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security not listed on a national exchange or The NASDAQ Stock Market, Inc., or, with respect to a Security so listed but the Trust, or (b) if bid prices are not available for any of such Securities, on Evaluator deems the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation, upon the Evaluator's request, the Depositor shall, from time to time, designate one or more evaluation services or other sources of information on which the Evaluator shall be authorized conclusively to rely in evaluating such Security, and the Evaluator shall have no liability for any errors in the information so received. The cost thereof shall be an expense reimbursable to the Evaluator from the Income and Capital Accounts. (b) Notwithstanding Section 4.01(a).”, except in those cases in which the Securities are listed on a national securities exchange or The NASDAQ Stock Market, Inc. and the closing sales prices are used and except for Trust Fund Evaluations required by Section 5.02 in determining Redemption Price, during the initial offering period, the evaluations of the Securities shall generally be made in the manner described in Section 4.01(a) based on the closing ask prices of the Securities rather than the closing bid prices. (j) Section 5.01 shall be amended to read in its entirety as follows:

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: (a) The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangeThe NASDAQ Stock Market, such valuation shall Inc., the evaluation will be based on the closing last sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange if Exchange, the Securities are listed thereon (unless the Trustee deems such last sale price inappropriate as a basis for valuation). If the Securities are not so listed, on that exchange shall apply) or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-over- the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the- counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security not listed on a national exchange or The NASDAQ Stock Market, Inc., or, with respect to a Security so listed but the Trust, or (b) if bid prices are not available for any of such Securities, on Evaluator deems the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing last reported sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation, upon the Evaluator's request, the Depositor shall, from time to time, designate one or more evaluation services or other sources of information on which the Evaluator shall be authorized conclusively to rely in evaluating such Security, and the Evaluator shall have no liability for any errors in the information so received. The cost thereof shall be an expense reimbursable to the Evaluator from the Income and Capital Accounts. (b) Notwithstanding Section 4.01(a).”, except in those cases in which the Securities are listed on a national securities exchange or The NASDAQ Stock Market, Inc. and the closing sales prices are used and except for Trust Fund Evaluations required by Section 5.02 in determining Redemption Price, during the initial offering period, the evaluations of the Securities shall generally be made in the manner described in Section 4.01(a) based on the closing ask prices of the Securities rather than the closing bid prices. (j) Section 5.01 shall be amended to read in its entirety as follows:

Evaluation of Securities. (a) The Evaluator shall determine separately, and shall promptly furnish to the Trustee and the Depositor upon request, the value of each issue of Securities (including Contract Securities) ("Evaluation") as of the Evaluation Time (i) on each Business Day during the period which the Units are being offered for sale to the public and (ii) on any other day on which a Trust Evaluation is to be made pursuant to Section 6.01 or which is requested by the Depositor or the Trustee. As part of the Trust Evaluation, the Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities initially deposited in a Trust on the Initial Date of Deposit. The Evaluator's determination of the offering prices of the Securities on the Initial Date of Deposit shall be included in the Schedules attached to the Trust Agreement.(b) During the initial offering period of a Trust (as determined in good faith by the Trustee Depositor) such Evaluation shall be made in accordance with the following proceduresmanner: If if the Securities are listed on a national or foreign securities exchange, such valuation Evaluation shall generally be based on the last available closing sale price on such or immediately prior to the Evaluation Time on the exchange which is the principal market thereoftherefor, which shall be deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee Evaluator deems such price inappropriate as a basis for valuation)evaluation) or, if there is no such available closing sale price on such exchange or market at the last available ask prices of the Securities. If the Securities are not so listed, listed or, if so listed and the principal market therefor is other than on such exchange exchange, or if there is no closing such available sale price on such exchangeexchange or if the Evaluator determines that such price is inappropriate as a basis for evaluation, such valuation Evaluation shall generally be based on the closing sale following methods or any combination thereof whichever the Evaluator deems appropriate: (i) in the case of Equity Securities and Options, on the basis of the current ask price in on the over-the-counter market (unless the Trustee Evaluator deems such price inappropriate as a basis for valuation) or if there is no such closing sale priceevaluation), then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (aii) on the basis of current bid offering prices of such Securities for the Bonds as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or trust; (biii) if bid current ask or offering prices are not available for any of such the Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”on

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: (a) The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangethe NASDAQ National Market System, such valuation shall the evaluation will be based on the closing last sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange if Exchange, the Securities are listed thereon (unless the Trustee deems such last sale price inappropriate as a basis for valuation). If the Securities are not so listed, on that exchange shall apply) or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-over- the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the- counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable similar securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee (a) In respect of Derivative Transactions, the Evaluator shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities Evaluation in the Trust as of following manner: (i) if options or futures positions held by the Series are exchange traded, those options and futures positions will be valued based on the last official closing price on or prior to the Evaluation Time on each the primary exchange for such position provided that there is an operating market-clearing mechanism at the relevant time of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a national determination, or foreign securities exchangeif none, such valuation shall be based on the closing sale price on such exchange which is methodology for evaluation set forth in the principal market thereof, deemed to be the New York Stock Exchange Prospectus; (ii) if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are Derivative Transaction is not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price traded on such an exchange, such valuation shall be the Evaluator will determine the value of based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values its good faith determination of the Securities. The independent evaluation service shall use any fair value of the following methodssuch Derivative Transaction in its reasonable discretion taking into consideration factors, or a combination thereofincluding, which it deems appropriate: but not limited to, (a) the net amount to be paid to or received by the Series in connection with an early termination of such Derivative Transaction as determined pursuant to the Derivative Agreement on the basis of valuation date by the related Derivative Counterparty or any third party pricing service retained by the Evaluator, (b) current bid prices of such Securities for the Derivative Transaction as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities financials instruments comparable to those held by the TrustDerivative Transaction and/or (c) prices for comparable futures contracts, options or securities. Except as provided in Section 5.01 of the Standard Terms and Conditions of Trust (b“Offering Period Evaluations”), the Evaluation shall be made (i) if bid prices are not available for any of such Securitieswhen the Series is “long or has purchased” the relevant Derivative Transactions, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market and the bid side value of any relevant currency exchange rate expressed in U.S. dollars and (ii) when the Series is “short or by such other appraisal as is deemed appropriatehas written” the relevant Derivative Transactions, or (d) by any combination on the basis of the aboveask side of the market and the ask side value of any relevant currency exchange rate expressed in U.S. dollars. As used herein, Whether the closing sale price Series is deemed to mean “long” or “short” and/or whether the most recent closing sale price on the relevant securities exchange prior to the Derivative Transaction should be bifurcated for such purposes in such Evaluation Time. The Trustee shall will be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it determined by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation)Evaluator.”

Evaluation of Securities. The Trustee shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities in the Trust (determined as set forth below) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.15.01. The In making the evaluations the Trustee may determine the value of each issue of the Securities shall be determined in good faith the Trust by the Trustee in accordance with the following procedures: methods, or any combination thereof, which it deems appropriate. If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation shall be based on the closing sale price on such exchange Exchange which is the principal market thereof, thereof and which shall be deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, methods which it the Trustee deems appropriate: (ai) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or (bii) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (ciii) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (div) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1Indenture. Such evaluation shall be made on the same basis as set forth above and above. The Trustee's determination of the bid prices of the Securities on the date of deposit shall be included in the Schedules attached to the Reference Trust Agreement. If the Securities to be evaluated are Restricted Securities, among the factors the Trustee will consider in determining the value of such Securities are (a) an estimate of the existence and extent of any market therefor, (b) the estimated period of time during which such Securities will not be freely marketable, (c) the estimated expenses, if any, to the Trust holds of registering or otherwise qualifying such Securities denominated for public sale, (d) estimated underwriting commissions if underwriting would be required to effect a sale, (e) the current dividends on comparable securities, and (f) changes in a currency the financial conditions and prospects of, and other than U.S. dollarsfactors affecting, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation)issuer.”

Evaluation of Securities. The Trustee shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Purchase Rights and Securities in the Trust (determined as set forth below) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.15.01. The In making the evaluations the Trustee shall determine the value of each issue of the Securities shall be determined in good faith the Trust by the Trustee in accordance with the following proceduresmethods: If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation shall be based on the closing sale price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, methods which it the Trustee deems appropriate: (ai) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or (bii) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (ciii) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (div) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall evaluate the Purchase Rights following the same procedures as it follows in evaluating Securities pursuant to this Section 4.01 except that references to securities exchanges shall be permitted replaced by references to rely on these evaluations when determining options exchanges and references in the Unit Value. The Trustee preceding sentence to bid prices shall have no responsibility or liability for the valuations supplied be replaced by reference to it by the independent evaluation serviceafter prices. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1Indenture. Such evaluation shall be made on the same basis as set forth above and above. The Trustee's determination of the closing prices of the Securities on the date of deposit shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: (a) The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangeThe NASDAQ Stock Market, such valuation shall Inc. the evaluation will be based on the closing last sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange if Exchange, the Securities are listed thereon (unless the Trustee deems such last sale price inappropriate as a basis for valuation). If the Securities are not so listed, on that exchange shall apply) or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-over- the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the- counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security not listed on a national exchange or The NASDAQ Stock Market, Inc. or, with respect to a Security so listed but the Trust, or (b) if bid prices are not available for any of such Securities, on Evaluator deems the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing last reported sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation, upon the Evaluator's request, the Depositor shall, from time to time, designate one or more evaluation services or other sources of information on which the Evaluator shall be authorized conclusively to rely in evaluating such Security, and the Evaluator shall have no liability for any errors in the information so received. The cost thereof shall be an expense reimbursable to the Evaluator from the Income and Capital Accounts. (b) Notwithstanding Section 4.01(a), except in those cases in which the Securities are listed on a national securities exchange or The NASDAQ Stock Market, Inc. and the closing sales prices are used and except for Trust Fund Evaluations required by Section 5.02 in determining Redemption Price, during the initial offering period, the evaluations of the Securities shall generally be made in the manner described in Section 4.01(a) based on the closing ask prices of the Securities rather than the closing bid prices.”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: (a) The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangeThe NASDAQ Stock Market, such valuation shall the evaluation will be based on the closing last sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange Exchange, the last sale price on that exchange shall apply) or, if there is no sale price on the Securities exchange or system, at the closing bid price on the exchange or system. If such market quotations are listed thereon not available, the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the current bid prices on the over-the- counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuationevaluation). If the Securities such prices are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price available on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless market, the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security not listed on a national exchange or The NASDAQ Stock Market, or, with respect to a Security so listed but the Trust, or (b) if bid prices are not available for any of such Securities, on Evaluator deems the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing last reported sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation, upon the Evaluator's request, the Depositor shall, from time to time, designate one or more evaluation services or other sources of information on which the Evaluator shall be authorized conclusively to rely in evaluating such Security, and the Evaluator shall have no liability for any errors in the information so received. The cost thereof shall be an expense reimbursable to the Evaluator from the Income and Capital Accounts. (b) Notwithstanding Section 4.01(a), except in those cases in which the Securities are listed on a national securities exchange or The NASDAQ Stock Market and the closing sales prices are used and except for Trust Fund Evaluations required by Section 5.02 in determining Redemption Price, during the initial offering period, the evaluations of the Securities shall generally be made in the manner described in Section 4.01(a) based on the closing ask prices of the Securities rather than the closing bid prices.”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangethe NASDAQ National Market System, such valuation shall the evaluation will be based on the closing sale price on such the exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or system or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the-counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security which is not listed on a national exchange or the TrustNasdaq National Market System, or (b) if bid prices are not available for any of such Securities, on upon the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used hereinEvaluator's request, the closing sale price is deemed Depositor shall, from time to mean time, designate one or more reporting services or other sources of information on which the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee Evaluator shall be permitted authorized conclusively to rely on these evaluations when determining in evaluating such Security, and the Unit Value. The Trustee Evaluator shall have no responsibility or liability for any errors in the valuations supplied to it by the independent evaluation serviceinformation so received. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation cost thereof shall be made on the same basis as set forth above and shall be included in the Schedules attached an expense reimbursable to the Reference Trust Agreement. If Evaluator from the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation)Income and Capital Accounts.”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangethe NASDAQ National Market System, such valuation shall the evaluation will be based on the closing sale price on such the exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or system or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Depositor shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the-counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Depositor's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable similar securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: (a) The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangeThe NASDAQ Stock Market, such valuation shall the evaluation will be based on the closing last sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange Exchange, the last sale price on that exchange shall apply) or, if there is no sale price on the Securities exchange or system, at the closing bid price on the exchange or system. If such market quotations are listed thereon not available, the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the current bid prices on the over-the- counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuationevaluation). If the Securities such prices are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price available on such exchange, such valuation shall be based on the closing sale price in the over-the-the- counter market (unless market, the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security not listed on a national exchange or The NASDAQ Stock Market, or, with respect to a Security so listed but The Evaluator deems the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing last reported sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation), upon the Evaluator's request, the Depositor shall, from time to time, designate one or more evaluation services or other sources of information on which the Evaluator shall be authorized conclusively to rely in evaluating such Security, and the Evaluator shall have no liability for any errors in the information so received. The cost thereof shall be an expense reimbursable to the Evaluator from the Income and Capital Accounts.”

Evaluation of Securities. The Trustee (a) In respect of Derivative Transactions, the Evaluator shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities Evaluation in the following manner: (i) if options or futures positions held by the Trust as of are exchange traded, those options and futures positions will be valued based on the last official closing price on or prior to the Evaluation Time on each the primary exchange for such position provided that there is an operating market-clearing mechanism at the relevant time of determination, or if none, on the last available price prior to the Evaluation Time; (ii) if the Derivative Transaction is not traded on an exchange, the Evaluator will determine the value of based on its good faith determination of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The fair value of each issue of Securities shall be determined such Derivative Transaction in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a national or foreign securities exchangeits reasonable discretion taking into consideration factors, such valuation shall be based on the closing sale price on such exchange which is the principal market thereofincluding, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are but not so listedlimited to, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (a) the net amount to be paid to or received by the Trust in connection with an early termination of such Derivative Transaction as determined pursuant to the Derivative Agreement on the basis of valuation date by the related Derivative Counterparty or any third party pricing service retained by the Evaluator, (b) current bid prices of such Securities for the Derivative Transaction as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities financials instruments comparable to those held by the TrustDerivative Transaction and/or (c) prices for comparable futures contracts, options or securities. Except as provided in Section 5.01 of the Standard Terms and Conditions of Trust (b“Offering Period Evaluations”), the Evaluation shall be made (i) if bid prices are not available for any of such Securitieswhen the Trust is “long” the relevant Derivative Transactions, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as and the bid side value of any relevant currency exchange rate expressed in U.S. dollars and (ii) when the Trust is deemed appropriate“short” the relevant Derivative Transactions, or (d) by any combination on the basis of the aboveask side of the market and the ask side value of any relevant currency exchange rate expressed in U.S. dollars. As used hereinWhether the Trust is “long” or “short” and/or whether the Derivative Transaction should be bifurcated for such purposes in such Evaluation will be determined by the Evaluator. This Trust Agreement shall be deemed effective when executed and delivered by the Sponsor and the Trustee. In Witness Whereof, the closing sale price is deemed undersigned have caused this Trust Agreement to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust executed; all as of the time said Securities are deposited under this Indenture pursuant to Section 2.1day, month and year first above written. Such evaluation shall be made on the same basis EQUINOX GROUP DISTRIBUTORS, LLC, as set forth above Depositor By Name: Title: EQUINOX INSTITUTIONAL ASSET MANAGEMENT, LP as Evaluator and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollarsSupervisor By Name: Title: THE BANK OF NEW YORK MELLON as Trustee By Name: Title: SCHEDULE A TO TRUST AGREEMENT SECURITIES INITIALLY DEPOSITED IN EQUINOX TRUST, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”SERIES [l] SCHEDULE B TO TRUST AGREEMENT DERIVATIVE TRANSACTIONS ENTERED INTO BY EQUINOX TRUST, SERIES [l] ANNEX A TO TRUST AGREEMENT FORM OF DERIVATIVE AGREEMENT AND CREDIT SUPPORT AGREEMENT

Evaluation of Securities. The Trustee shall determine separately and promptly furnish to the Depositor Depositors upon request the value of each issue of the Securities in the Trust (determined as set forth below) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation shall be based on the closing sale purchase price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale purchase price on such exchange, such valuation shall be based on the closing sale purchase price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale purchase price, then the Trustee may utilize, at the Trust’s 's expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (a) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the DepositorDepositors) who customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit ValuePrice. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangethe NASDAQ National Market System, such valuation shall the evaluation will be based on the closing last sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange if Exchange, the Securities are listed thereon (unless the Trustee deems such last sale price inappropriate as a basis for valuation). If the Securities are not so listed, on that exchange shall apply) or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-over- the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the- counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security not listed on a national exchange or the TrustNASDAQ National Market System, or (b) if bid prices are not available for any of such Securitiesor, on with respect to a Security so listed but the basis of bid prices for comparable securities, or (c) by appraisal of Evaluator deems the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing last reported sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”, upon the Evaluator's request, the Depositor shall, from time to time, designate one or more evaluation services or other sources of information on which the Evaluator shall be authorized conclusively to rely in evaluating such Security, and the Evaluator shall have no liability for any errors in the information so received. The cost thereof shall be an expense reimbursable to the Evaluator from the Income and Capital Accounts. In Witness Whereof, Xxxx Nuveen & Co. Incorporated, has caused this Trust Indenture and Agreement for Nuveen Unit Trusts, Series 16 to be executed by its President, one of its Vice Presidents or one of its Assistant Vice Presidents and its corporate seal to be hereto affixed and attested by its Secretary or its Assistant Secretary and The Chase Manhattan Bank has caused this Trust Indenture and Agreement to be executed by one of its Vice Presidents or Second 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. Xxxx Nuveen & Co. Incorporated, Depositor By /s/ Xxxx X. Xxxxxxxxx ---------------------------- Authorized Officer (Seal) Attest: By /s/ Xxxxx X. Xxxxx ------------------------- Assistant Secretary The Chase Manhattan Bank, Trustee By /s/ Xxxx Xxxxxx ---------------------------- Vice President (Seal) Attest: By /s/ Xxxxxx X. Xxxx -------------------------- Assistant Treasurer Schedule A to the Trust Indenture and Agreement Securities Initially Deposited in Nuveen Unit Trusts, SERIES 16

Evaluation of Securities. The Trustee shall determine ------------------------ separately and promptly furnish to the Depositor upon request the value of each issue of the Securities in the Trust (determined as set forth below) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation shall be based on the closing sale price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s 's expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (a) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. (a) The Evaluator shall determine separately, and shall promptly furnish to the Trustee and the Depositor upon request, the value of each issue of Securities (including Contract Securities) ("Evaluation") as of the Evaluation Time (i) on each Business Day during the period which the Units are being offered for sale to the public and (ii) on any other day on which a Trust Evaluation is to be made pursuant to Section 6.01 or which is requested by the Depositor or the Trustee. As part of the Trust Evaluation, the Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities initially deposited in a Trust on the Initial Date of Deposit. The Evaluator's determination of the offering prices of the Securities on the Initial Date of Deposit shall be included in the Schedules attached to the Trust Agreement.(b) During the initial offering period of a Trust (as determined in good faith by the Trustee Depositor) such Evaluation shall be made in accordance with the following proceduresmanner: If if the Securities are listed on a national or foreign securities exchange, such valuation Evaluation shall generally be based on the last available closing sale price on such or immediately prior to the Evaluation Time on the exchange which is the principal market thereoftherefor, which shall be deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee Evaluator deems such price inappropriate as a basis for valuation)evaluation) or, if there is no such available closing sale price on such exchange or market at the last available ask prices of the Securities. If the Securities are not so listed, listed or, if so listed and the principal market therefor is other than on such exchange exchange, or if there is no closing such available sale price on such exchangeexchange or if the Evaluator determines that such price is inappropriate as a basis for evaluation, such valuation Evaluation shall generally be based on the closing sale following methods or any combination thereof whichever the Evaluator deems appropriate: (i) in the case of Equity Securities and Options, on the basis of the current ask price in on the over-the-counter market (unless the Trustee Evaluator deems such price inappropriate as a basis for valuation) or if there is no such closing sale priceevaluation), then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (aii) on the basis of current bid offering prices of such Securities for the Bonds as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or trust; (biii) if bid current ask or offering prices are not available for any of such the Securities, on the basis of bid current ask or offering prices for comparable securities, or (civ) by appraisal determining the valuation of Securities on the ask or offering side of the market by appraisal, (v) by causing the value of the Securities on to be determined by others engaged in the bid side practice of the market evaluation, quoting or by such other appraisal as is deemed appropriate, appraising comparable securities or (dvi) by any combination of the above. If the Trust holds Securities denominated in a currency other than U.S. dollars, the Evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Evaluator deems such prices inappropriate as a basis for valuation). As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange at or immediately prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining For each Evaluation, the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation confirm and furnish to the Depositor the calculation of the Trust Evaluation to be computed pursuant to Section 6.01.(c) After the initial offering period of Units of a Trust (as determined by the Depositor), Evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made in the manner described in Section 5.01(b), on the same basis as set forth above of the bid side value of the relevant currency exchange rate expressed in U.S. dollars and, except in those cases in which the Securities are listed on a national or foreign securities exchange and shall the last available sale prices are utilized, on the basis of the last available bid price of the Securities. In addition, the Evaluator may reduce the Evaluation of each Security which is principally traded outside of the United States by the amount of any liquidation costs (other than brokerage costs incurred on any national securities exchange) and any capital gains or other taxes which would be included in the Schedules attached to the Reference Trust Agreement. If incurred by the Trust holds Securities denominated in a currency other than U.S. dollars, upon the evaluation sale of such Security, such taxes being computed as if the Security shall be converted to U.S. dollars based were sold on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation)date of the Evaluation.”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities Treasury Obligations in the Trust (including contract securities) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The During the initial offering period, namely, from the date of the effectiveness of the Registration Statement under the Securities Act of 1933 relating to the Units, to and including the day which is designated by the Depositor to the Trustee and Evaluator as the conclusion of such period, the value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a one or more national securities exchanges or foreign securities exchangeNASDAQ National Market System, such valuation shall be based on the closing sale price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) ). If the Securities are not so listed or if there is no such closing sale priceprice the Trustee, then and in determining the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values value of the Securities. The independent evaluation service Treasury Obligations in the Trust the Evaluator, shall use any of the following methods, or a combination thereof, which it deems appropriate: (a) on the basis of current bid offering prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or (b) if bid offering prices are not available for any of such Securities, on the basis of bid offering prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid offering side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. After the initial offering period, and both during and after the initial offering period for purposes of the Trust Evaluations required by Section 5.1, Evaluation of the Securities shall be made on the basis of current bid prices for the Treasury Obligations and the closing sale prices of the ETFs. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it for the Treasury Obligations by the independent evaluation serviceEvaluator. The Trustee Evaluator shall also make an evaluation of the Securities offering prices of the Treasury Obligations deposited in the Trust as of the time said Securities Treasury Obligations are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities in the Trust (determined as set forth below) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.15.01. The In making the evaluations the Trustee shall determine the value of each issue of the Securities shall be determined in good faith the Trust by the Trustee in accordance with the following proceduresmethods: If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation shall be based on the closing sale price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, methods which it the Trustee deems appropriate: (ai) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or (bii) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (ciii) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (div) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1Indenture. Such evaluation shall be made on the same basis as set forth above and above. The Trustee's determination of the closing prices of the Securities on the date of deposit shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee (a) In respect of Derivative Transactions, the Evaluator shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities Evaluation in the Trust as of following manner: (i) if options or futures positions held by the Series are exchange traded, those options and futures positions will be valued based on the last official closing price on or prior to the Evaluation Time on each the primary exchange for such position provided that there is an operating market-clearing mechanism at the relevant time of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a national determination, or foreign securities exchangeif none, such valuation shall be based on the closing sale price on such exchange which is methodology for evaluation set forth in the principal market thereof, deemed to be the New York Stock Exchange Prospectus; (ii) if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are Derivative Transaction is not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price traded on such an exchange, such valuation shall be the Evaluator will determine the value of based on its good faith determination of the closing sale price fair value of such Derivative Transaction in its reasonable discretion as set forth in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale priceprospectus, then the Trustee may utilizetaking into consideration factors, at the Trust’s expenseincluding, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methodsbut not limited to, or a combination thereof, which it deems appropriate: (a) the net amount to be paid to or received by the Series in connection with an early termination of such Derivative Transaction as determined pursuant to the Derivative Agreement on the basis of valuation date by the related Derivative Counterparty or any third party pricing service retained by the Evaluator, (b) current bid prices of such Securities for the Derivative Transaction as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities financials instruments comparable to those held by the TrustDerivative Transaction and/or (c) prices for comparable futures contracts, options or securities. Except as provided in Section 5.01 of the Standard Terms and Conditions of Trust (b“Offering Period Evaluations”), the Evaluation shall be made (i) if bid prices are not available for any of such Securitieswhen the Series is “long or has purchased” the relevant Derivative Transactions, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market and the bid side value of any relevant currency exchange rate expressed in U.S. dollars and (ii) when the Series is “short or by such other appraisal as is deemed appropriatehas written” the relevant Derivative Transactions, or (d) by any combination on the basis of the aboveask side of the market and the ask side value of any relevant currency exchange rate expressed in U.S. dollars. As used herein, Whether the closing sale price Series is deemed to mean “long” or “short” and/or whether the most recent closing sale price on the relevant securities exchange prior to the Derivative Transaction should be bifurcated for such purposes in such Evaluation Time. The Trustee shall will be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it determined by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation)Evaluator.”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: (a) The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangeThe NASDAQ Stock Market, such valuation shall Inc., the evaluation will be based on the closing last sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange if Exchange, the Securities are listed thereon (unless the Trustee deems such last sale price inappropriate as a basis for valuation). If the Securities are not so listed, on that exchange shall apply) or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-over- the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the- counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security not listed on a national exchange or The NASDAQ Stock Market, Inc., or, with respect to a Security so listed but The Evaluator deems the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing last reported sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation), upon the Evaluator's request, the Depositor shall, from time to time, designate one or more evaluation services or other sources of information on which the Evaluator shall be authorized conclusively to rely in evaluating such Security, and the Evaluator shall have no liability for any errors in the information so received. The cost thereof shall be an expense reimbursable to the Evaluator from the Income and Capital Accounts.”

Evaluation of Securities. The Trustee shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities in the Trust (determined as set forth below) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation shall be based on the closing sale purchase price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, listed or, if so listed and the principal market therefor is other than on such exchange or there is no such closing sale purchase price on such exchange, such valuation shall be based on the closing sale purchase price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale purchase price, then the Trustee may utilize, at the Trust’s 's expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (aA) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or (bB) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (cC) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (dD) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit ValuePrice. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: (a) The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangethe NASDAQ Stock Market, such valuation shall the evaluation will be based on the closing last sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange Exchange, the last sale price on that exchange shall apply) or, if there is no sale price on the Securities exchange or system, at the closing bid price on the exchange or system. If such market quotations are listed thereon not available, the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the current bid prices on the over-the- counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuationevaluation). If the Securities such prices are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price available on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless market, the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable similar securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a one or more national securities exchanges or foreign securities exchangeNASDAQ National Market System, such valuation shall be based on the closing sale price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (a) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee shall determine separately and promptly furnish to the Depositor Depositors upon request the value of each issue of the Securities in the Trust (determined as set forth below) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation shall be based on the closing sale last purchase price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale purchase price on such exchange, such valuation shall be based on the closing sale last purchase price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale purchase price, then the Trustee may utilize, at the Trust’s 's expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (a) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the DepositorDepositors) who customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit ValuePrice. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee shall determine separately and promptly furnish make ------------------------ available to NSCC prior to the Depositor upon request commencement of trading on each Business Day a list of the value names and required number of shares of each issue of the Index Securities in the current Portfolio Deposit as well as the amount of the Dividend Equivalent Payment for the previous Business Day. Under certain extraordinary circumstances which may make it impossible for the Trustee to provide such information to NSCC on a given Business Day, NSCC shall use the information regarding the identity and required number of shares of the Index Securities of the Portfolio Deposit on the previous Business Day. Any such determination shall be effective for all creations and redemptions made at the close of the Business Day of such creations and redemptions. The evaluation with respect to the aggregate value of the Securities as used in calculating the net asset value of the Trust as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following proceduresmade as follows: If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation evaluation shall generally be based on the closing sale price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon that day (unless the Trustee deems such price inappropriate as a basis for valuationevaluation) on the exchange which is deemed to be the principal market therefor (the New York or American Stock Exchange, if the securities are listed thereon) or, if there is no such appropriate closing sale price on such exchange, at the closing bid price (unless the Trustee deems such price inappropriate as a basis for evaluation). If the Securities are not so listed, listed or, if so listed and the principal market therefor is other than on such exchange or there is no such closing sale bid price on such exchangeavailable, such valuation evaluation shall generally be made by the Trustee in good faith based on the closing sale price in on the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuationevaluation) or if there is no such appropriate closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (a) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trustprices, or (b) if bid prices are not available for any of such Securitiesavailable, on the basis of current bid prices for comparable securities, or (c) by appraisal of the Trustee's appraising the value of the Securities securities in good faith on the bid side of the market or by such other appraisal as is deemed appropriatemarket, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation)thereof.”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangethe NASDAQ National Market System, such valuation shall the evaluation will be based on the closing sale price on such the exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or system or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the-counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. So long as The Chase Manhattan Bank shall be acting as Evaluator, with respect to those held by any Security which is not listed on a national exchange or the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used hereinNASDAQ National Market System, the closing sale price is deemed Depositor shall, from time to mean time, designate one or more reporting services or other sources of information on which the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee Evaluator shall be permitted authorized conclusively to rely on these evaluations when determining in evaluating such Security, and the Unit Value. The Trustee Evaluator shall have no responsibility or liability for any errors in the valuations supplied to it by the independent evaluation serviceinformation so received. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation cost thereof shall be made on the same basis as set forth above and shall be included in the Schedules attached an expense reimbursable to the Reference Trust Agreement. If Evaluator from the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation)Income and Capital Accounts.”

Evaluation of Securities. The Trustee shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities in the Trust (determined as set forth below) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation shall be based on the closing sale purchase price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale purchase price on such exchange, such valuation shall be based on the closing sale purchase price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale purchase price, then the Trustee may utilize, at the Trust’s 's expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (a) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit ValuePrice. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangethe NASDAQ National Market System, such valuation shall the evaluation will be based on the closing sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange if Exchange, the Securities are listed thereon (unless the Trustee deems such closing sale price inappropriate as a basis for valuation). If the Securities are not so listed, on that exchange shall apply) or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on the exchange or system, at the closing bid price on the exchange or system. If such exchangemarket quotations are not available, such valuation the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the closing sale price in current bid prices on the over-the-counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuation) or if there is no evaluation). If such closing sale priceprices are not available on the over-the-counter market, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable similar securities. With respect to those held by any Security not listed on a national exchange or the TrustNASDAQ National Market System, or (b) if bid prices are not available for any of such Securitiesor, on with respect to a Security so listed but the basis of bid prices for comparable securities, or (c) by appraisal of Evaluator deems the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing last reported sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation, upon the Evaluator's request, the Depositor shall, from time to time, designate one or more evaluation services or other sources of information on which the Evaluator shall be authorized conclusively to rely in evaluating such Security, and the Evaluator shall have no liability for any errors in the information so received. The cost thereof shall be an expense reimbursable to the Evaluator from the Income and Capital Accounts. In Witness Whereof, Xxxx Nuveen & Co. Incorporated, has caused this Trust Indenture and Agreement for Nuveen Unit Trusts, Series 14 to be executed by its President, one of its Vice Presidents or one of its Assistant Vice Presidents and its corporate seal to be hereto affixed and attested by its Secretary or its Assistant Secretary and The Chase Manhattan Bank has caused this Trust Indenture and Agreement to be executed by one of its Vice Presidents or Second 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. Xxxx Nuveen & Co. Incorporated, Depositor By /s/ Xxxxxxx X. Xxxxxxxx ---------------------------- Authorized Officer (Seal) Attest: By /s/ Xxxxx X. Xxxxx ------------------------- Assistant Secretary The Chase Manhattan Bank, Trustee By /s/ Xxxx Xxxxxx ---------------------------- Vice President (Seal) Attest: By /s/ Xxxxxx X. Xxxx -------------------------- Assistant Treasurer Schedule A to the Trust Indenture and Agreement Securities Initially Deposited in Nuveen Unit Trusts, SERIES 14 (Note: Incorporated herein and made a part hereof is the "Schedule of Investments" as set forth for the Trusts in the Prospectus.).”

Evaluation of Securities. The Trustee Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on as provided in the following manner: (a) The Evaluator will prepare each of evaluation for which market quotations for the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith are available by the Trustee in accordance use of outside services normally used and contracted with the following procedures: for this purpose. If the Securities are listed on a national securities exchange or foreign securities exchangeThe NASDAQ Stock Market, such valuation shall the evaluation will be based on the closing last sale price on such the exchange which or system (if a Security is the principal market thereof, deemed to be listed on the New York Stock Exchange Exchange, the last sale price on that exchange shall apply) or, if there is no sale price on the Securities exchange or system, at the closing bid price on the exchange or system. If such market quotations are listed thereon not available, the Evaluator shall determine the value of the Securities. Such evaluation shall generally be based on the current bid prices on the over-the- counter market (unless the Trustee deems such price it is determined that these prices are inappropriate as a basis for valuationevaluation). If the Securities such prices are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price available on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless market, the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved will generally be made by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: Evaluator in good faith (a1) on the basis of the current bid prices for comparable securities, (2) by the Evaluator's appraising the value of the Securities in good faith at the bid side of the market or (3) by any combination thereof. For each evaluation, the Evaluator shall also determine and furnish to the Trustee and the Depositor the aggregate of (a) the value of all Securities on the basis of such evaluation and (b) on the basis of the information furnished to the Evaluator by the Trustee pursuant to Section 3.02, the amount of cash then held in the Capital Account which was received by the Trustee after the Record Date preceding such determination less any amounts held in the Capital Account for distribution to Unitholders on a subsequent Distribution Date when a Record Date occurs four business days or less after such determination. For the purposes of the foregoing, the Evaluator may obtain current prices for the Securities as obtained from investment dealers or brokers (including the Depositor) who that customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable similar securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. (a) The Evaluator shall determine separately, and shall promptly furnish to the Trustee and the Depositor upon request, the value of each issue of Securities (including Contract Securities) ("Evaluation") as of the Evaluation Time (i) on each Business Day during the period which the Units are being offered for sale to the public and (ii) on any other day on which a Trust Evaluation is to be made pursuant to Section 6.01 or which is requested by the Depositor or the Trustee. As part of the Trust Evaluation, the Evaluator shall determine separately and promptly furnish to the Trustee and the Depositor upon request the value of each issue of the Securities in the Trust as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities initially deposited in a Trust on the Initial Date of Deposit. The Evaluator's determination of the offering prices of the Securities on the Initial Date of Deposit shall be included in the Schedules attached to the Trust Agreement.(b) During the initial offering period of a Trust (as determined in good faith by the Trustee Depositor) such Evaluation shall be made in accordance with the following proceduresmanner: If if the Securities are listed on a national or foreign securities exchange, such valuation Evaluation shall generally be based on the last available closing sale price on such or immediately prior to the Evaluation Time on the exchange which is the principal market thereoftherefor, which shall be deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee Evaluator deems such price inappropriate as a basis for valuation)evaluation) or, if there is no such available closing sale price on such exchange or market at the last available ask prices of the Securities. If the Securities are not so listed, listed or, if so listed and the principal market therefor is other than on such exchange exchange, or if there is no closing such available sale price on such exchangeexchange or if the Evaluator determines that such price is inappropriate as a basis for evaluation, such valuation Evaluation shall generally be based on the closing sale following methods or any combination thereof whichever the Evaluator deems appropriate: (i) in the case of Equity Securities and Options, on the basis of the current ask price in on the over-the-counter market (unless the Trustee Evaluator deems such price inappropriate as a basis for valuation) or if there is no such closing sale priceevaluation), then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (aii) on the basis of current bid offering prices of such Securities for the Bonds as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or trust; (biii) if bid current ask or offering prices are not available for any of such the Securities, on the basis of bid current ask or offering prices for comparable securities, or (civ) by appraisal determining the valuation of the value of the Securities on the bid ask or offering side of the market or by such other appraisal as is deemed appropriateappraisal, or (dv) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”causing the

Evaluation of Securities. The Trustee shall ------------------------- determine separately and promptly furnish to the Depositor Depositors upon request the value of each issue of the Securities in the Trust (determined as set forth below) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.1. The value of each issue of Securities shall be determined in good faith by the Trustee in accordance with the following procedures: If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation shall be based on the closing sale price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s 's expense, an independent evaluation service or services approved by the Depositor Depositors to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, which it deems appropriate: (a) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the DepositorDepositors) who customarily deal in securities comparable to those held by the Trust, or (b) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (c) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (d) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1. Such evaluation shall be made on the same basis as set forth above and shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities in the Trust (determined as set forth below) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.15.01. The In making the evaluations the Trustee may determine the value of each issue of the Securities shall be determined in good faith the Trust by the Trustee in accordance with the following procedures: methods, or any combination thereof, which it deems appropriate. If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation shall be based on the closing sale price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon thereon, (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale sales price on such exchange, such valuation shall be based on the closing sale sales price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale sales price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, methods which it the Trustee deems appropriate: (ai) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or (bii) if bid prices are not available for any of such Securities, on the basis of bid prices for comparable securities, or (ciii) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (div) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1Indenture. Such evaluation shall be made on the same basis as set forth above and above. The Trustee's determination of the closing sales prices of the Securities on the date of deposit shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”

Evaluation of Securities. The Trustee shall determine separately and promptly furnish to the Depositor upon request the value of each issue of the Securities in the Trust (determined as set forth below) as of the Evaluation Time on each of the days on which the Trustee shall make the Trust Evaluation required by Section 5.15.01. The In making the evaluations the Trustee shall determine the value of each issue of the Securities shall be determined in good faith the Trust by the Trustee in accordance with the following proceduresmethods: If the Securities are listed on a one or more national or foreign securities exchangeexchanges, such valuation shall be based on the closing sale price on such exchange which is the principal market thereof, deemed to be the New York Stock Exchange if the Securities are listed thereon (unless the Trustee deems such price inappropriate as a basis for valuation). If the Securities are not so listed, or, if so listed and the principal market therefor is other than such exchange or there is no closing sale price on such exchange, such valuation shall be based on the closing sale price in the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for valuation) or if there is no such closing sale price, then the Trustee may utilize, at the Trust’s expense, an independent evaluation service or services approved by the Depositor to ascertain the values of the Securities. The independent evaluation service shall use any of the following methods, or a combination thereof, methods which it the Trustee deems appropriate: (ai) on the basis of current bid prices of such Securities as obtained from investment dealers or brokers (including the Depositor) who customarily deal in securities comparable to those held by the Trust, or (bii) if bid prices are not available for any of such Securities, on the basis ba- sis of bid prices for comparable securities, or (ciii) by appraisal of the value of the Securities on the bid side of the market or by such other appraisal as is deemed appropriate, or (div) by any combination of the above. As used herein, the closing sale price is deemed to mean the most recent closing sale price on the relevant securities exchange prior to the Evaluation Time. The Trustee shall be permitted to rely on these evaluations when determining the Unit Value. The Trustee shall have no responsibility or liability for the valuations supplied to it by the independent evaluation service. The Trustee shall also make an evaluation of the Securities deposited in the Trust as of the time said Securities are deposited under this Indenture pursuant to Section 2.1Indenture. Such evaluation shall be made on the same basis as set forth above and above. The Trustee's determination of the closing prices of the Securities on the date of deposit shall be included in the Schedules attached to the Reference Trust Agreement. If the Trust holds Securities denominated in a currency other than U.S. dollars, the evaluation of such Security shall be converted to U.S. dollars based on current offering side exchange rates (unless the Trustee deems such prices inappropriate as a basis for valuation).”