Common use of Actions by Beneficiaries Clause in Contracts

Actions by Beneficiaries. (a) Wherever in this Agreement a provision is made that an action may be taken or a notice, demand or instruction given by Beneficiaries, such action, notice or instruction may be taken or given by any Beneficiary, unless such provision requires a specific percentage of Beneficiaries. (b) Any request, demand, authorization, direction, notice, consent, waiver or other act by a Beneficiary shall bind such Beneficiary and every subsequent Beneficiary upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or omitted to be done by the Trustee or the Administrator in reliance thereon.