Frequency of Withdrawals Clause Samples
The 'Frequency of Withdrawals' clause defines how often a party is permitted to withdraw funds or assets from an account or arrangement. Typically, this clause specifies set intervals—such as weekly, monthly, or quarterly—during which withdrawals can be made, and may also outline any limitations on the number or amount of withdrawals within a given period. Its core practical function is to establish clear expectations and boundaries for withdrawals, thereby preventing disputes and ensuring orderly management of funds.
Frequency of Withdrawals. Withdrawals may be taken in such amounts and frequency as permitted under the Plan and the Agreement. GA-2060-TGWB-2014 B[SECTION 5. SPOUSAL BENEFIT] B[If the Spouse is the Participant’s E[sole] beneficiary under the Plan on the date the Participant’s Guaranteed Withdrawal Lock-In Date is elected, as part of that election an irrevocable election may also be made to have the A[Annual Guaranteed Withdrawal Amount] continue to be available after the Participant’s death as Guaranteed Withdrawals during the life of the Spouse. The A[Annual Guaranteed Withdrawal Amount] will not be available after the Participant’s death if, on the date of the Participant’s death:
a. the Spouse on the date of such election has died;
b. the Participant’s Spouse on the date of such election is no longer the Participant’s Spouse; or
c. the Spouse is not the Participant’s beneficiary under the Plan. The election under this Section 5.1 may not be made prior to the date both the Participant and the Spouse have attained age C[55]. Upon the Eligible Spouse’s death, any A[Annual Guaranteed Withdrawal Amount] will cease to be available and any Guaranteed Withdrawal Market Value shall be payable pursuant to Section 6.1 of this Rider. Any amounts remaining in the Plan following the death of the Participant must be distributed in accordance with the terms of the Plan and the Code. Where the Spouse is the Participant’s civil union partner, provisions of the Code or the Plan may prevent the Spouse from remaining in the Plan or may affect the form and timing of distributions from the Plan.]
Frequency of Withdrawals. Withdrawals may be taken in such amounts and frequency as permitted under the Plan and the [Agreement / Contract].