Common use of Withdrawal After Death of Annuitant Clause in Contracts

Withdrawal After Death of Annuitant. If the Annuitant dies before transferring out, converting or withdrawing the balance of this LIRA in accordance with section 5 above, the balance of this LIRA must be paid: a) to the Annuitant’s Spouse (subject to section 7 below); or b) if there is no Annuitant’s Spouse on the date of the Annuitant’s death, to the Annuitant’s successors in accordance with the terms of the RSP Agreement. If paragraph 6(a) applies, the Annuitant’s Spouse will receive the balance of the LIRA in cash, as it is no longer locked-in. He/She may then if he/she wishes and if the relevant Tax Act requirements are met, do a direct transfer of the balance of this LIRA to a RRIF, an RRSP or an annuity which is a “retirement income” within the meaning of the Tax Act. Before any payment is made after the Annuitant’s death, the Issuer is entitled to request, in a form acceptable to it: c) evidence as to whether or not there was an Annuitant’s Spouse on the date of the Annuitant’s death, and if so, the identity of the Annuitant’s Spouse; and d) any other documents it may require in accordance with the RSP Agreement. The Annuitant’s Spouse may waive his/her right to receive the balance of this LIRA, as aforesaid, by way of a written notice addressed to the Issuer. Such waiver may itself be revoked by the Annuitant’s Spouse by way of a written notice addressed to the Issuer before the Annuitant’s death.

Withdrawal After Death of Annuitant. If the Annuitant dies before transferring out, converting or withdrawing the balance of this LIRA in accordance with section 5 above, the balance of this LIRA must be paid: a) to the Annuitant’s Spouse (subject to section 7 below); or b) if there is no Annuitant’s Spouse on the date of the Annuitant’s death, to the Annuitant’s successors in accordance with the terms of the RSP AgreementDeclaration of Trust. If paragraph 6(a) applies, the Annuitant’s Spouse will receive the balance of the LIRA in cash, as it is no longer locked-in. He/She may then if he/she wishes and if the relevant Tax Act requirements are met, do a direct transfer of the balance of this LIRA to a RRIF, an RRSP or an annuity which is a “retirement income” within the meaning of the Tax Act. Before any payment is made after the Annuitant’s death, the Issuer Trustee or CIBC Asset Management Inc., acting on behalf of the Trustee, is entitled to request, in a form acceptable to it: c) evidence as to whether or not there was an Annuitant’s Spouse on the date of the Annuitant’s death, and if so, the identity of the Annuitant’s Spouse; and d) any other documents it may require in accordance with the RSP AgreementDeclaration of Trust. The Annuitant’s Spouse may waive his/her right to receive the balance of this LIRA, as aforesaid, by way of a written notice addressed to the Issuer. Trustee and CIBC Asset Management Inc. Such waiver may itself be revoked by the Annuitant’s Spouse by way of a written notice addressed to the Issuer Trustee and CIBC Asset Management Inc. before the Annuitant’s death.

Withdrawal After Death of Annuitant. If the Annuitant dies before transferring out, converting or withdrawing the balance of this LIRA in accordance with section 5 above, the balance of this LIRA must be paid: a) to the Annuitant’s Spouse (subject to section 7 below); or b) if there is no Annuitant’s 's Spouse on the date of the Annuitant’s 's death, to the Annuitant’s 's successors in accordance with the terms of the RSP AgreementDeclaration of Trust. If paragraph 6(a) applies, the Annuitant’s 's Spouse will receive the balance of the LIRA in cash, as it is no longer locked-in. He/She may then if he/she wishes and if the relevant Tax Act requirements are met, do a direct transfer of the balance of this LIRA to a RRIF, an RRSP or an annuity which is a “"retirement income” " within the meaning of the Tax Act. Before any payment is made after the Annuitant’s death, the Issuer Trustee or CIBC Investor Services acting on behalf of the Trustee is entitled to request, in a form acceptable to it: c) evidence as to whether or not there was an Annuitant’s Spouse on the date of the Annuitant’s death, and if so, the identity of the Annuitant’s Spouse; and d) any other documents it may require in accordance with the RSP AgreementDeclaration of Trust. The Annuitant’s Spouse may waive his/her right to receive the balance of this LIRA, as aforesaid, by way of a written notice addressed to the IssuerTrustee and CIBC Investor Services. Such waiver may itself be revoked by the Annuitant’s Spouse by way of a written notice addressed to the Issuer Trustee and CIBC Investor Services before the Annuitant’s death.

Withdrawal After Death of Annuitant. If the Annuitant dies before transferring out, converting converting, withdrawing or withdrawing being paid the balance of this LIRA LIF in accordance with section 5 2 above, the balance of this LIRA LIF must be paid: a) to the Annuitant’s 's Spouse (subject to section 7 paragraph 5(d) below); or b) if there is no Annuitant’s 's Spouse on the date of the Annuitant’s 's death, to the Annuitant’s 's successors in accordance with the terms of the RSP AgreementDeclaration of Trust. If paragraph 6(a3(a) applies, the Annuitant’s 's Spouse will receive the balance of the LIRA in cash, as it is no longer locked-in. He/She may then (if he/she wishes and if the relevant Tax Act requirements are met), do a direct transfer of the balance of this LIRA LIF to a RRIF, an RRSP or an annuity which is a “retirement income” within the meaning of the Tax Act. Before any payment is made after the Annuitant’s 's death, the Issuer Trustee or CIBC Asset Management, acting on behalf of the Trustee, is entitled to request, in a form acceptable to it: c) evidence as to whether or not there was an Annuitant’s 's Spouse on the date of the Annuitant’s 's death, and if so, the identity of the Annuitant’s 's Spouse; and d) any other documents it may require in accordance with the RSP AgreementDeclaration of Trust. The Annuitant’s 's Spouse may waive his/her right to receive the balance of this LIRALIF, as aforesaid, by way of a written notice addressed to the IssuerTrustee and CIBC Asset Management. Such waiver may itself be revoked by the Annuitant’s 's Spouse by way of a written notice addressed to the Issuer Trustee and to CIBC Asset Management before the Annuitant’s 's death. The value of this LIF at the time of a transfer, conversion, withdrawal or payment under section 2 or 3 above will be determined as of the close of business on the relevant date as follows: CIBC Asset Management, acting on behalf of the Trustee, will value all property held in the LIF at its market value (as determined by the Trustee or CIBC Asset Management, in accordance with industry standards and using the market prices in its pricing system) and will subtract from that value all amounts deemed by it or its agent in their sole discretion to be chargeable to the LIF at that time. The value of this LIF, as so determined, will be conclusive and binding upon the parties to this Contract, the Annuitant's Spouse and the Annuitant's successors, assigns and personal representatives.