GIC Holder definition

GIC Holder mean the individual in whose name a Product is held, and if a Product is jointly held, means each individual in whose name the Product is held as well as all of the individuals in whose name the Product is jointly held.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

GIC Holder means the individual in whose name a GIC is held, and if a GIC is jointly held, means each individual in whose name the GIC is held as well as all of the individuals in whose name the GIC is jointly held.

GIC Holder means any GIC Entity or any assignee to whom any GIC Entity has transferred rights pursuant to Section 5.9.

Examples of GIC Holder in a sentence

• This means that if one (1) of the joint GIC Holders dies during the Term, the surviving joint GIC Holders will become the sole owners of the joint GIC and no ownership in the GIC will transfer to the estate of the deceased GIC Holder.

• The Sponsors (and if the Financial Investor Holder initiating such offering is an Blue Spectrum Holder or a GIC Holder, such Holder) will cooperate in good faith to mutually select the underwriter or underwriters for such offer; provided that, a Sponsor will not be entitled to participate in the selection of the underwriter or underwriters unless the Restricted Take-Down Selling Holders include at least one member of such Sponsor’s Sponsor Investor Group.

• If your GIC is terminated, we will, at our sole discretion, notify either you (or for joint GICs, the primary GIC Holder identified in the GIC application) or the deposit broker that we have on file for you.

• Your GIC will not accrue any interest: prior to the Date of Issue; after the Redemption Date, including if your GIC is redeemed prior to the Maturity Date due to the death of a GIC Holder or otherwise.

• We may act on instructions given to us by any joint GIC Holder and disclose information to any joint GIC Holder, without confirming the consent of or receiving authorization from any other joint GIC Holder.

• The Legal Representative of a GIC Holder: must demonstrate to our satisfaction that they have appropriate legal authority to act on behalf of the GIC Holder; and upon demonstrating to our satisfaction that they have the appropriate legal authority to act on behalf of the GIC Holder, will have the same rights, responsibilities, and obligations with respect to the GIC and the Agreement as the GIC Holder held prior to their incapacity or death, as applicable.

• If a sole GIC Holder dies during the Term, the GIC (meaning the principal amount paid to us for the GIC plus any unpaid interest earned up to the Redemption Date) will be paid out to the estate of the deceased GIC Holder.

• No interest will be due or payable to you if we allow your GIC to be redeemed prior to the Maturity Date for any reason other than death of a GIC Holder.

• In accordance with Section 19.4, upon receiving notice of the death of a joint GIC Holder and the required supporting documentation to confirm the same, we will, at the request of the surviving joint GIC Holders, either: update our records to show only the surviving joint GIC Holders as the joint GIC Holders and allow the GIC to continue until the Maturity Date; or terminate the GIC.

• Upon receiving notice of the death or incapacity of a GIC Holder, we may, at our sole discretion, restrict transactions on, freeze, and/or terminate the GIC Holder’s GIC as we deem prudent or advisable.

More Definitions of GIC Holder

GIC Holder means any GIC Entity or any assignee to whom any GIC Entity has transferred rights pursuant to S ection 5.9.

GIC Holder means the counterparty to a GIC Issuer with respect to a GIC Contract.