Common use of Actions by the Beneficiary and Consents Clause in Contracts

Actions by the Beneficiary and Consents. The presence of the Beneficiary (or, if more than one Person holds a Beneficial Interest, the presence of one or more Persons collectively holding at least 51 percent of the Beneficial Interest in the Trust) at any meeting shall constitute a quorum at such meeting. Whenever the Beneficiary is required or permitted to take any action, such action may be taken, except as otherwise provided by this Agreement or required by law, by the vote of the Beneficiary cast at a meeting of the Beneficiary at which a quorum is present (or, if more than one Person holds a Beneficial Interest, by the vote of one or more Persons collectively holding at least 51 percent of the Beneficial Interest in the Trust present at a meeting of the Beneficiary at which a quorum is present), or without a meeting by written consent setting forth the action so taken signed by the Beneficiary (or, if more than one Person holds a Beneficial Interest, signed by each such Person). Notwithstanding any provision of this Agreement to the contrary, no vote or consent of the Beneficiary shall be required to approve the sale, exchange, or other disposition by the Managing Trustees of one or more assets of the Trust, or the pledging, hypothecating, granting security interests in, mortgaging, encumbering, or leasing of all or any of the Trust Estate.