Common use of Transfer of Beneficial Interest by Beneficiary Clause in Contracts

Transfer of Beneficial Interest by Beneficiary. The Beneficiary may at any time transfer all or from time to time transfer a portion of its Beneficial Interest in the Trust to any Person. Any such transfer shall be effective upon receipt by the Managing Trustees of a Notice of Transfer, which Notice shall, in substantially the form of Exhibit B hereto, (a) specify the name and address of the transferee and the percentage of the Beneficial Interest in the Trust being transferred to such transferee and (b) be signed by the Beneficiary, the transferee, and at least one of the Managing Trustees. The Managing Trustees shall maintain or cause to be maintained in the records of the Trust all Notices of Transfer, which Notices shall be conclusive evidence of the transfer of all or a portion, as the case may be, of the Beneficial Interest. By signing the Notice of Transfer, the transferee of all or any portion of the Beneficial Interest shall have agreed to and shall be bound by the terms and conditions of this Agreement, as provided in Section 9.7.