Common use of Registration of Beneficiaries Clause in Contracts

Registration of Beneficiaries. (a) The Trustee shall cause to be kept at the office or agency to be maintained by a registrar (which initially shall be the Trustee) (the “Registrar”) a register (the “Register”) in which, subject to such reasonable regulations as it may prescribe, the Registrar shall provide for the registration of the name and address of each beneficiary and the number Units held by each Beneficiary of Record. The Trustee shall be permitted to resign as Registrar upon 30 days’ written notice to the Grantor; provided, however, that such resignation shall not be effective and the Trustee shall continue to perform its duties as Registrar until the Grantor has appointed a successor Registrar. Units of beneficial interest are not transferable except upon death or by operation of law. The Trustee may rely on a death certificate, court order, certificate of any executor of an estate or successor trustee of any trust, or in the case of a corporation, any executive officer of such corporation, in establishing whether the Beneficiary seeking to transfer its beneficial interest(s) may make such transfer. Each transferee shall be required to acknowledge the provisions of this Agreement and shall agree to be bound by the terms of this Agreement as a condition of the transfer of a beneficial interest. Upon the completion of such transfer, the Registrar shall update the Register and name the transferee as the holder of the Unit(s). No service charge shall be made for any registration of transfer, but the Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer. (b) Prior to the registration of any transfer, the Registrar may request an opinion of counsel in form and content satisfactory to Trustee in its sole discretion that such transfer is in compliance with applicable Federal and state securities laws and that transfer of the beneficial interest is exempt from registration and/or qualification under the Securities Act of 1933 and applicable state law.

Registration of Beneficiaries. (a) The Trustee shall cause to be kept at the office or agency to be maintained by a registrar (which initially shall be the Trustee) (the “"Registrar”") a register (the “"Register”") in which, subject to such reasonable regulations as it may prescribe, the Registrar shall provide for the registration of the name and address of each beneficiary and the number Units held by each Beneficiary of Record. The Trustee shall be permitted to resign as Registrar upon 30 days’ ' written notice to the Grantor; provided, however, that such resignation shall not be effective and the Trustee shall continue to perform its duties as Registrar until the Grantor has appointed a successor Registrar. Units of beneficial interest are not transferable except upon death or by operation of law. The Trustee may rely on a death certificate, court order, certificate of any executor of an estate or successor trustee of any trust, or in the case of a corporation, any executive officer of such corporation, in establishing whether the Beneficiary seeking to transfer its beneficial interest(s) may make such transfer. Each transferee shall be required to acknowledge the provisions of this Agreement and shall agree to be bound by the terms of this Agreement as a condition of the transfer of a beneficial interest. Upon the completion of such transfer, the Registrar shall update the Register and name the transferee as the holder of the Unit(s). No service charge shall be made for any registration of transfer, but the Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer. (b) Prior to the registration of any transfer, the Registrar may request an opinion of counsel in form and content satisfactory to Trustee in its sole discretion that such transfer is in compliance with applicable Federal and state securities laws and that transfer of the beneficial interest is exempt from registration and/or qualification under the Securities Act of 1933 and applicable state law.