Common use of CERTIFICATE OWNERS Clause in Contracts

CERTIFICATE OWNERS. Section 3.1 Registered Owners, Beneficial Owners, Eligible Participants, and Depositors as Parties; Binding Effect. (a) The Registered Owners, Beneficial Owners, Eligible Participants, and Depositors from time to time shall be bound by all the terms and conditions hereof by acceptance of Trust Certificates or any interest therein or by depositing Underlying Shares, as the case may be. Any Registered Owner or Beneficial Owner of Trust Units becomes a “beneficial owner” under the Act. (b) No Registered Owners, Beneficial Owners, Eligible Participants, or Depositors shall have any right to vote or in any manner otherwise to control the operation or management of the Trust or the obligations of the parties hereto. Except for applicable tax purposes, nothing set forth in this Agreement shall be construed to constitute the Registered Owners, Beneficial Owners, Eligible Participants, or Depositors from time to time as partners or members of an association, nor shall any Registered Owner, Beneficial Owner, Eligible Participant, or Depositors ever be liable to any third Person by reason of any action taken by the parties to this Agreement or for any other cause whatsoever. (c) Each Registered Owner, Beneficial Owner, Eligible Participant, and Depositor expressly waives any right such Registered Owner, Beneficial Owner, Eligible Participant, and Depositor may have under any rule of law, or the provisions of any statute, or otherwise, to require the Trust Administrator at any time to account, in any manner other than as expressly provided in this Agreement, with respect to the Trust Property from time to time received, held, and applied by the Trust Administrator hereunder.