Common use of UNIT RECORDS Clause in Contracts

UNIT RECORDS. ISSUANCE AND TRANSFERRABILITY OF UNITS. Records shall be kept by or on behalf of and under the direction of the Trustee which shall contain the names and addresses of the Holders, the number of Units held by them respectively, and in which there shall be recorded all transfers of Units. The Persons in whose names Units are registered on the records of the Trust shall be deemed the absolute owners of the Units for all purposes of this Trust; but nothing herein shall be deemed to preclude the Trustee or their agents or representatives from inquiring as to the actual ownership of Units. Permitted transfers of Units shall be registered on the records of the Trust only as of the end of the last day of the month in which it receives notice of the transfer. Until a transfer is duly registered as to the Trust, the Trustee shall not be affected by any notice of such transfer either actual or constructive. The payment thereof to the Person in whose name any Units are registered on the records of the Trust or to the duly authorized agent of such Person (or if such Units are registered in the name of more than one person, to any one of such Persons or to the duly authorized agent of such Person) shall be a sufficient discharge for all distributions payable or deliverable in support of such Units and from all liability to see to the application thereof. The Trustee may prescribe further rules and regulations, not inconsistent herewith, as it may deem necessary or advisable concerning the transfer of Units.

UNIT RECORDS. ISSUANCE AND TRANSFERRABILITY OF UNITSIssuance and Transferability of Units. Records shall be kept by or on behalf of and under the direction of the Trustee which shall contain the names and addresses of the Holders, the number of Units held by them respectively, and in which there shall be recorded all transfers of Units. The Persons in whose names Units are registered on the records of the Trust shall be deemed the absolute owners of the Units for all purposes of this Trust; but nothing herein shall be deemed to preclude the Trustee or their agents or representatives from inquiring as to the actual ownership of Units. Permitted transfers of Units shall be registered on the records of the Trust only as of the end of the last day of the month in which it receives notice of the transfer. Until a transfer is duly registered as to the Trust, the Trustee shall not be affected by any notice of such transfer either actual or constructive. The payment thereof to the Person in whose name any Units are registered on the records of the Trust or to the duly authorized agent of such Person (or if such Units are registered in the name of more than one personPerson, to any one of such Persons or to the duly authorized agent of such Person) shall be a sufficient discharge for all distributions payable or deliverable in support of such Units and from all liability to see to the application thereof. The Trustee may prescribe further rules and regulations, not inconsistent herewith, as it may deem necessary or advisable concerning the transfer of Units.