Common use of Transfers and Payments Clause in Contracts

Transfers and Payments. The Annuitant may at any time, in a form deemed satisfactory by the Trustee, request a transfer or a payment permitted under Part 2 or under part 4 of the Addendum. The Trustee may deduct from the property being transferred or payed all amounts to be retained in application of paragraph 146.3(2)(e.1) or 146.3(e.2) of the Tax Act, as applicable, as well as any fees and disbursements to which the Trustee is entitled. Once the transfer or payment is completed in compliance with all conditions relating thereto, the Trustee and the Agent shall be released from any liability in connection with this Account to the extent of the transfer or payment. Notwithstanding the above, the Annuitant agrees that the Trustee shall never be obliged to refund in advance the investments held under the Account for purposes of transfer or payment and may, at its entire discretion, either (i) delay the requested transfer or payment, or (ii) where such investments consist of identifiable and transferable securities, effect the transfer by the remittance of such securities. The Trustee may rely upon the information provided by the Annuitant in any application or forms completed in accordance with the Act and the Regulation and such application or forms shall constitute sufficient authorization to the Trustee to transfer assets of the Account or pay the Annuitant from the Account in accordance thereto.

Transfers and Payments. The Annuitant may at any time, in a form deemed satisfactory by the Trustee, request a transfer or a payment permitted under Part 2 or under part 4 of the Addendum. The Trustee may deduct from the property being transferred or payed all amounts to be retained in application of paragraph 146.3(2)(e.1) or 146.3(e.2) of the Tax Act, as applicable, as well as any fees and disbursements to which the Trustee is entitled. Once the transfer or payment is completed in compliance with all conditions relating thereto, the Trustee and the Agent shall be released from any liability in connection with this Account Fund to the extent of the transfer or payment. Notwithstanding the above, the Annuitant agrees that the Trustee shall never be obliged to refund in advance the investments held under the Account Fund for purposes of transfer or payment and may, at its entire discretion, either (i) delay the requested transfer or payment, or (ii) where such investments consist of identifiable and transferable securities, effect the transfer by the remittance of such securities. The Trustee may rely upon the information provided by the Annuitant in any application or forms completed in accordance with the Act and the Regulation and such application or forms shall constitute sufficient authorization to the Trustee to transfer assets of the Account Fund or pay the Annuitant from the Account Fund in accordance thereto.

Transfers and Payments. The Annuitant may at any time, in a form deemed satisfactory by the Trustee, request a transfer or a payment permitted under Part 2 or under part 4 of the Addendum. The Trustee may deduct from the property being transferred or payed paid all amounts to be retained in application of paragraph 146.3(2)(e.1) or 146.3(e.2) of the Tax Act, as applicable, as well as any fees and disbursements to which the Trustee is entitled. Once the transfer or payment is completed in compliance with all conditions relating thereto, the Trustee and the Agent shall be released from any liability in connection with this Account to the extent of the transfer or payment. Notwithstanding the above, the Annuitant agrees that the Trustee shall never be obliged to refund in advance the investments held under the Account for purposes of transfer or payment and may, at its entire discretion, either (i) delay the requested transfer or payment, or (ii) where such investments consist of identifiable and transferable securities, effect the transfer by the remittance of such securities. The Trustee may rely upon the information provided by the Annuitant in any application or forms completed in accordance with the Act and the Regulation and such application or forms shall constitute sufficient authorization to the Trustee to transfer assets of the Account or pay the Annuitant from the Account in accordance thereto.