Common use of Rights of Withdrawal Clause in Contracts

Rights of Withdrawal. In any calendar year in which a transfer of property is made to this trust by any person, the Current Beneficiary, at such date, shall have the power, in his or her sole discretion, commencing with such date, to withdraw property then belonging to the principal of the trust (including the property then transferred into trust) having a value equal at the time of withdrawal to the value of such transferred property at the date of such transfer, but in no case exceeding Twenty Thousand Dollars ($20,000.00) per calendar year. Any power of withdrawal hereunder shall be noncumulative. The Trustee shall, promptly after the initial transfer into trust or after an addition is made in a later calendar year, notify in writing the person having a withdrawal power of the existence of the power, except that in the case of any such person who is under a legal disability, notification shall be given to his legal guardian; or if none, to a parent of an infant or to such other individual whom the Trustee shall deem appropriate Such person receiving notification from the Trustee shall have thirty (30) days after receiving such notification to exercise the power by a written instrument delivered to the Trustee, except that in the case of a person under a legal disability, his or her power may be exercised only by his or her legal guardian. An adult beneficiary, or a guardian, may after receiving such notice at least once, waive further notice by an instrument in writing delivered to the Trustee.