Exhibit 1.1
Insured Municipals Income Trust
233rd Insured Multi-Series
Trust Agreement
Dated: July 29, 1998
This Trust Agreement between Xxx Xxxxxx Funds Inc., as Depositor, American
Portfolio Evaluation Services, a division of Xxx Xxxxxx Investment Advisory
Corp., as Evaluator, and The Bank of New York, as Trustee, sets forth certain
provisions in full and incorporates other provisions by reference to the
document entitled "Standard Terms and Conditions of Trust, For Xxx Xxxxxx
American Capital Distributors, Inc. Tax-Exempt Trust, Dated March 16, 1995"
(herein called the "Standard Terms and Conditions of Trust"), and such
provisions as are set forth in full and such provisions as are incorporated by
reference constitute a single instrument. All references herein to Articles and
Sections are to Articles and Sections of the Standard Terms and Conditions of
Trust.
Witnesseth That:
In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:
Part I
Standard Terms and Conditions of Trust
Subject to the provisions of Part II hereof, all the provisions contained in
the Standard Terms and Conditions of Trust are herein incorporated by reference
in their entirety and shall be deemed to be a part of this instrument as fully
and to the same extent as though said provisions had been set forth in full in
this instrument.
Part II
Special Terms and Conditions of Trust
The following special terms and conditions are hereby agreed to:
(a) The Bonds defined in Section 1.01(4), listed in the
Schedules hereto, have been deposited in the Trusts under this Trust
Agreement.
(b) The fractional undivided interest in and ownership of the
various Trusts represented by each Unit thereof is a fractional
amount, the numerator of which is one and the denominator of which
is the amount set forth under "Summary of Essential Financial
Information__Number of Units" in the related Prospectus Part I.
(c) The approximate amounts, if any, which the Trustee shall
be required to advance out of its own funds and cause to be paid to
the Depositor pursuant to Section 3.05 shall be the amount per Unit
that the Trustee agreed to reduce its fee or pay Trust expenses set
forth in the footnotes in the related Prospectus Part I times the
number of units in such Trust referred to in Part II (b) of this
Trust Agreement.
(d) The First General Record Date and the amount of the second
distribution of funds from the Interest Account of each Trust shall
be the record date for the Interest Account and the amount set forth
under "Summary of Essential Financial Information-Estimated
Distributions - Initial Distribution" in the related Prospectus Part
I.
(e) The First Settlement Date shall be the date set forth in
the footnotes to the "Summary of Essential Financial Information" in
the related Prospectus Part I.
(f) Any monies held to purchase "when issued" bonds will be
held in noninterest bearing accounts.
(g) The Evaluation Time for purpose of sale, purchase or
redemption of Units shall be the close of the New York Stock
Exchange.
(h) As set forth in Section 3.05, the Record Dates and
Distribution Dates for each Trust are those dates set forth under
"Summary of Essential Financial Information - Estimated
Distributions" in the related Prospectus Part I.
(i) As set forth in Section 3.15, the Evaluator's Annual
Supervisory Fee shall be that amount set forth in "Summary of
Essential Financial Information-Expenses-Evaluator's Supervisory
Fee" in Prospectus Part I.
(j) As set forth in Section 4.03, the Evaluator's Annual
Evaluation Fee shall be that amount, and computed on that basis, set
forth in "Summary of Essential Financial Information-Expenses-
Evaluator's Evaluation Fee" in the related Prospectus Part I
(k) The Trustee's annual compensation as set forth under
Section 6.04, under each distribution plan shall be that amount as
specified in the related Prospectus Part I under the section
entitled "Summary of Essential Financial Information-Expenses-
Trustee's Fee" and will include a fee to induce the Trustee to
advance funds to meet scheduled distributions.
(l) The sixth paragraph of Section 3.05 is hereby revoked and
replaced by the following paragraph:
Unitholders desiring to receive semi-annual
distributions and who purchase their Units prior to the Record
Date for the second distribution under the monthly plan of
distribution may elect at the time of purchase to receive
distributions on a semi-annual basis by notice to the Trustee.
Such notice shall be effective with respect to subsequent
distributions until changed by further notice to the Trustee.
Unitholders desiring to receive semi-annual distributions and
who purchase their Units prior to the Record Date for the first
distribution may elect at the time of purchase to receive
distributions on a semi-annual basis by notice to the Trustee.
Such notice shall be effective with respect to subsequent
distributions until changed by further notice to the Trustee.
Changes in the plan of distribution will become effective as of
opening of business on the day after the next succeeding semi-
annual Record Date and such distributions will continue until
further notice.
(m) Sections 8.02(d) and 8.02(e) are hereby revoked and
replaced with the following:
(d) distribute to each Unitholder of such Trust such
holder's pro rata share of the balance of the Interest Account
of such Trust;
(e) distribute to each Unitholder of such Trust such
holder's pro rata share of the balance of the Principal Account
of such Trust; and
(n) Section 1.01(1) and (3) shall be replaced in their
entirety by the following:
(1) "Depositor" shall mean Xxx Xxxxxx Funds Inc. and its
successors in interest, or any successor depositor appointed as
hereinafter provided.
(3) "Evaluator" shall mean American Portfolio Evaluation
Services (a division of Xxx Xxxxxx Investment Advisory Corp.) and
its successors in interest, or any successor evaluator appointed as
hereinafter provided.
In Witness Whereof, Xxx Xxxxxx Funds Inc. has caused this Trust
Agreement to be executed by one of its Vice Presidents or Assistant Vice
Presidents and its corporate seal to be hereto affixed and attested by its
Secretary or one of its Vice Presidents or Assistant Secretaries, American
Portfolio Evaluation Services, a division of Xxx Xxxxxx Investment Advisory
Corp., has caused this Trust Indenture and Agreement to be executed by its
President or one of its Vice Presidents and its corporate seal to be hereto
affixed and attested to by its Secretary, its Assistant Secretary or one of its
Assistant Vice Presidents and The Bank of New York, has caused this Trust
Agreement to be executed by one of its Vice Presidents and its corporate seal to
be hereto affixed and attested to by one of its Vice Presidents, Assistant Vice
Presidents or Assistant Treasurers; all as of the day, month and year first
above written.
Xxx Xxxxxx Funds Inc.
By Xxxxx X. Xxxxx
Vice President, Associate General
Counsel and Assistant Secretary
(Seal)
Attest:
By Xxxxxxxx Xxxxxxx
Assistant Secretary
American Portfolio Evaluation
Service, a division of Xxx Xxxxxx
Investment Advisory Corp.
By Xxxxx X. Xxxxx
President
(Seal)
Attest:
By Xxxxxxxx Xxxxxxx
Assistant Secretary
The Bank Of New York
By Xxxxxxx Xxxxx
Vice President
(Seal)
Attest:
By Xxxxxx Xxxx
Assistant Treasurer
Schedules to Trust Agreement
Securities Initially Deposited
Insured Municipals Income Trust, 233rd Insured Multi-Series
(Note: Incorporated herein and made a part hereof as indicated below
are the corresponding "Portfolio" of each of the Trusts as set
forth in the related Prospectus Part I.)
