Common use of Event of Death Clause in Contracts

Event of Death. I agree that in the event of my death, the representative of my estate or the survivor or survivors shall give you written notice thereof as soon as practicable, and you may, before or after receiving such notice, take such actions, require such papers and inheritance or estate tax waivers, retain such portion of, or restrict transactions in my RHC Account as you may deem advisable to protect you against any tax, liability, penalty, or loss under any present or future laws or otherwise. Notwithstanding the above, in the event of my death, you shall not be responsible for any action taken on orders made prior to the actual receipt of notice of death and a reasonable amount of time thereafter for you to take the required measures. Further, you may in your discretion close out my RHC Account without awaiting the appointment of a personal representative for my estate and without demand upon or notice to any such personal representative. I shall continue to be liable to you for any net debit balance or loss in said account in any way resulting from the completion of transactions initiated prior to the receipt by you of the written notice of the death or incurred in the liquidation of my RHC Account, and for all other obligations pursuant to this Agreement. Such notice shall not affect your rights under this Agreement to take any action that you could have taken if I had not died.