Common use of Withdrawals or Transfers Clause in Contracts

Withdrawals or Transfers. All requests for withdrawal or transfer will be in writing on a form provided by or acceptable to us. The method of distribution must be specified in writing or in any other method acceptable to us. The tax identification number of the recipient must be provided to us before we are obligated to make a distribution. Withdrawals will be subject to all applicable tax and other laws and regulations, including but not limited to possible early distribution penalty taxes, surrender charges, and withholding requirements. We shall, from time to time, in accordance with instructions received in a form and manner acceptable to us from you (or the beneficiary following the death of the Depositor), make distributions out of the custodial account in the manner and amounts specified in such instructions. All such instructions shall be deemed to constitute a certification by you (or the beneficiary following your death) that the distribution directed is one that you (or the beneficiary following you’re your death) is permitted to receive. Notwithstanding any other provision of this agreement, we assume (and shall have) no responsibility to make any distribution to you (or the beneficiary) unless and until such instructions specify the occasion for such distribution. Prior to making any such distribution from the custodial account, we shall be furnished with any and all applications, certificates, tax waivers, signature guarantees, and other documents (including proof of any legal representative’s authority) deemed necessary or advisable by us, but we shall not be liable for complying with instructions which appear to be genuine, or for refusing to comply if not satisfied such instructions are genuine, and assumes (and shall have) no duty of further inquiry. In the event of a dispute as to the capacity of the Depositor or of the your agent (or a dispute as to the capacity, status, or designation of a beneficiary following your death), we shall be furnished with any and all court orders, agreements, or other documents deemed necessary or advisable by us in our sole and complete discretion, and we shall not be required to make any distribution while such dispute is ongoing or unresolved in our sole and complete judgment, nor shall we be liable in any way for damages or losses, including, but not limited to, market losses, caused by the refusal to make distributions while such dispute is ongoing or unresolved in our sole and complete judgment; provided, however, nothing herein shall require us to make any inquiry or affirmatively seek relief or initiate any proceeding in any court or tribunal. You (or the beneficiary following your death) shall provide such instructions within a reasonable period prior to the date the distribution is requested to be made. After receipt of proper instructions as required above, we shall cause the assets of the custodial account to be distributed in cash and/or in kind, as specified in such order; provided, however, that any beneficiary may be required to submit any form or application deemed necessary or proper by us, including, but not limited to, an application to open any IRA account in the name of the beneficiary or in other name deemed appropriate by us. We shall have the right, but not the obligation, to require that any distribution to a beneficiary be made to an IRA account opened in the beneficiary’s name with us.

Withdrawals or Transfers. All requests for withdrawal or transfer will be in writing on a form provided by or acceptable to us. The method of distribution must be specified in writing or in any other method acceptable to us. The tax identification number of the recipient must be provided to us before we are obligated to make a distribution. Withdrawals will be subject to all applicable tax and other laws and regulations, including but not limited to possible early distribution penalty taxes, surrender charges, and withholding requirements. We shall, from time to time, in accordance with instructions received in a form and manner acceptable to us from you (or the beneficiary following the death of the Depositor), make distributions out of the custodial account in the manner and amounts specified in such instructions. All such instructions shall be deemed to constitute a certification by you (or the beneficiary following your death) that the distribution directed is one that you (or the beneficiary following you’re your death) is permitted to receive. Notwithstanding any other provision of this agreement, we assume (and shall have) no responsibility to make any distribution to you (or the beneficiary) unless and until such instructions specify the occasion for such distribution. Prior to making any such distribution from the custodial account, we shall be furnished with any and all applications, certificates, tax waivers, signature guarantees, and other documents (including proof of any legal representative’s authority) deemed necessary or advisable by us, but we shall not be liable for complying with instructions which appear to be genuine, or for refusing to comply if not satisfied such instructions are genuine, and assumes (and shall have) no duty of further inquiry. In the event of a dispute as to the capacity of the Depositor or of the your agent (or a dispute as to the capacity, status, or designation of a beneficiary following your death), we shall be furnished with any and all court orders, agreements, or other documents deemed necessary or advisable by us in our sole and complete discretion, and we shall not be required to make any distribution while such dispute is ongoing or unresolved in our sole and complete judgment, nor shall we be liable in any way for damages or losses, including, but not limited to, market losses, caused by the refusal to make distributions while such dispute is ongoing or unresolved in our sole and complete judgment; provided, however, nothing herein shall require us to make any inquiry or affirmatively seek relief or initiate any proceeding in any court or tribunal. You (or the beneficiary following your death) shall provide such instructions within a reasonable period prior to the date the distribution is requested to be made. After receipt of proper instructions as required above, we shall cause the assets of the custodial account to be distributed in cash and/or in kind, as specified in such order; provided, however, that any beneficiary may be required to submit any form or application deemed necessary or proper by us, including, but not limited to, an application to open any IRA account in the name of the beneficiary or in other name deemed appropriate by us. We shall have the right, but not the obligation, to require that any distribution to a beneficiary be made to an IRA account opened in the beneficiary’s name with us. You are not required to take a distribution from your Xxxx XXX during your lifetime. At your death, however, your beneficiaries must begin taking distributions in accordance with Article V and section 9.07 of this article. We will make no distributions to you from your Xxxx XXX until you provide us with a written request for a distribution on a form provided by or acceptable to us.