Common use of Withdrawal After Death of Annuitant Clause in Contracts

Withdrawal After Death of Annuitant. If the Annuitant dies before transferring out, converting, withdrawing or being paid the balance of this LIF in accordance with section 2 above, the balance of this LIF must be paid: a) to the Annuitant's Spouse (subject to paragraph 5(d) 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 Declaration of Trust. If paragraph 3(a) applies, the Annuitant's Spouse may (if he/she wishes and if the relevant Tax Act requirements are met), transfer the balance of this 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 death, the 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 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 Declaration of Trust. The Annuitant's Spouse may waive his/her right to receive the balance of this LIF, as aforesaid, by way of a written notice addressed to the Trustee and CIBC Asset Management. Such waiver may itself be revoked by the Annuitant's Spouse by way of a written notice addressed to the Trustee and to CIBC Asset Management before the Annuitant'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.

Withdrawal After Death of Annuitant. If the Annuitant dies before transferring out, converting, converting or withdrawing or being paid the balance of this LIF LIRA in accordance with section 2 5 above, the balance of this LIF LIRA must be paid: a) to the Annuitant's ’s Spouse (subject to paragraph 5(d) 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 Declaration of Trust. If paragraph 3(a6(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 LIF 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 ’s death, the Trustee or CIBC Asset Management, Investor Services acting on behalf of the Trustee, 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 Declaration of Trust. The Annuitant's ’s Spouse may waive his/her right to receive the balance of this LIFLIRA, as aforesaid, by way of a written notice addressed to the Trustee and CIBC Asset ManagementInvestor Services. Such waiver may itself be revoked by the Annuitant's ’s Spouse by way of a written notice addressed to the Trustee and to CIBC Asset Management Investor Services 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.

Withdrawal After Death of Annuitant. If the Annuitant dies before transferring out, converting, converting or withdrawing or being paid the balance of this LIF LIRA in accordance with section 2 5 above, the balance of this LIF LIRA must be paid: a) to the Annuitant's ’s Spouse (subject to paragraph 5(d) 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 Declaration of TrustRSP Agreement. If paragraph 3(a6(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 LIF 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 ’s death, the Trustee or CIBC Asset Management, acting on behalf of the Trustee, Issuer 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 Declaration of TrustRSP Agreement. The Annuitant's ’s Spouse may waive his/her right to receive the balance of this LIFLIRA, as aforesaid, by way of a written notice addressed to the Trustee and CIBC Asset ManagementIssuer. Such waiver may itself be revoked by the Annuitant's ’s Spouse by way of a written notice addressed to the Trustee and to CIBC Asset Management Issuer 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.

Withdrawal After Death of Annuitant. If the Annuitant dies before transferring out, converting, converting or withdrawing or being paid the balance of this LIF LIRA in accordance with section 2 5 above, the balance of this LIF LIRA must be paid: a) to the Annuitant's ’s Spouse (subject to paragraph 5(d) 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 Declaration of Trust. If paragraph 3(a6(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 LIF 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 ’s death, the Trustee or CIBC Asset ManagementManagement 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 ’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 Declaration of Trust. The Annuitant's ’s Spouse may waive his/her right to receive the balance of this LIFLIRA, as aforesaid, by way of a written notice addressed to the Trustee and CIBC Asset Management. Management Inc. Such waiver may itself be revoked by the Annuitant's ’s Spouse by way of a written notice addressed to the Trustee and to CIBC Asset Management Inc. 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.