Beneficiary Withdrawals Clause Samples

Beneficiary Withdrawals. The Beneficiary shall have the right to withdraw Assets from the Trust Account at any time, subject only to (i) not less than five (5) business days’ prior written notice to the Trustee and Grantor and (ii) a certification (included in the notice) that the withdrawal is being made for a permitted purpose under this Section 1.12.. No other statement or document need be presented by Beneficiary in order to withdraw Assets except that Beneficiary shall be required by the Trustee to acknowledge receipt of withdrawn Assets. Withdrawals may be made by the Beneficiary only for the purposes permitted in the Coinsurance Agreement between Grantor and Beneficiary dated October 1, 2003 (“Coinsurance Agreement”). 1.12.1. Upon receipt of Beneficiary’s instructions, the Trustee shall immediately take any and all necessary steps to transfer absolutely and irrevocably to Beneficiary all right, title and interest in the Assets being withdrawn, and to deliver the physical custody thereof to Beneficiary. 1.12.2. The Trustee shall be protected in relying upon any written demand of Beneficiary for such withdrawal and on any statement made therein.