Common use of Death of the Holder Clause in Contracts

Death of the Holder. Subject to Applicable Tax Legislation, where there is a Survivor and the Holder has validly designated the Survivor as successor holder, the Survivor shall become the Holder. In the event of the death of the Holder where there is no Survivor or the Survivor has not been designated as a successor holder, the Trustee shall, upon receipt of satisfactory evidence thereof, realize the interest of the Holder in the Account. Subject to Applicable Tax Legislation and to the deduction of all proper charges, including taxes, if any, required to be withheld, the proceeds of such realization shall be paid by the Trustee, as the case may be, to the estate of the Holder or to the Holder’s designated beneficiary upon furnishing the Trustee with such releases and other documents as may be required or as counsel may advise. If more than one designation has been lodged, the Trustee shall rely on the instrument in its possession bearing the latest execution date.

Death of the Holder. Subject to Applicable Tax Legislation, where there is a Survivor and the Holder has validly designated the Survivor as successor holder, the Survivor shall become the HolderHolder . In the event of the death of the Holder where there is no Survivor or the Survivor has not been designated as a successor holder, the Trustee shall, upon receipt of satisfactory evidence thereof, realize the interest of the Holder in the AccountAccount . Subject to Applicable Tax Legislation and to the deduction of all proper charges, including taxes, if any, required to be withheld, the proceeds of such realization shall be paid by the Trustee, as the case may be, to the estate of the Holder or to the Holder’s designated beneficiary upon furnishing the Trustee with such releases and other documents as may be required or as counsel may adviseadvise . If more than one designation has been lodged, the Trustee shall rely on the instrument in its possession bearing the latest execution datedate .