SUCCESSOR OWNER. The person designated to become the Owner upon the death of the Owner, provided the Owner was not the Annuitant at the time of the Owner’s death. TRANSFER FEE. A deduction that is made from the amount transferred between Investment Accounts. VALUATION DATE. Any day on which the assets of the Separate Account are valued. Assets are valued as of the close of trading on the New York Stock Exchange for each day the Exchange is open.
SUCCESSOR OWNER. The person designated to become the Owner upon the death of the Owner, provided the Owner was not the Annuitant at the time of the Owner’s death. TRANSFER FEE. A deduction that is made from the amount transferred between Investment Accounts. VALUATION DATE. Any day on which the assets of the Separate Account are valued. Assets are valued as of the close of trading on the New York Stock Exchange for each day the Exchange is open. WITHDRAWAL CHARGE. A deduction that is made from maturity benefits and withdrawal amounts. WITHDRAWAL CHARGE FREE AMOUNT. For a withdrawal, the amount that can be withdrawn without a Withdrawal Charge prior to the withdrawal of Net Purchase Payments.
SUCCESSOR OWNER. The person designated to become the Owner upon the death of the Owner, provided the Owner was not the Annuitant at the time of the Owner’s death. TRANSFER FEE. A deduction that is made from the amount transferred between Separate Account Divisions.
SUCCESSOR OWNER. Your spouse becomes the successor owner of this Contract and succeeds to all rights of ownership if all of the following requirements are met:
SUCCESSOR OWNER. In some cases, the spouse of a Participant may succeed to the ownership of his or her interest in this Contract after the death of the Participant. Specifically, if a Participant dies before the Annuity Commencement Date and his or her spouse is his or her sole surviving Beneficiary, the spouse will become the successor owner of his or her interest if:
SUCCESSOR OWNER. The person named by the Owner to whom ownership of this Contract passes upon the Owner's death, unless the Owner was also the Annuitant, in which case the Annuitant's Beneficiary is entitled to benefits described in Section 8, Death Proceeds.
SUCCESSOR OWNER. If you are an owner who is not the Insured, you may name a successor owner who will become the owner of this contract if you die before the Insured. If you do not name a successor owner or no successor owner survives you, then your estate will be the owner upon your death. You may name or change a successor owner by giving Written Notice. The successor owner must be eligible under our Bylaws. The new successor owner will be effective as of the date you sign the notice or, if the notice is not dated, on the date the notice is received at our Service Center.
SUCCESSOR OWNER. A “Successor Owner” means any party that becomes owner of the Property as the result of a Foreclosure Event.
SUCCESSOR OWNER. If you are an owner who is not an Annuitant, you may name a Successor Owner who will become an owner of this contract if you die before any Annuitant and before the Annuity Date. If no Successor Owner is named or no Successor Owner survives you, then your estate will become the owner if you die before any Annuitant and before the Annuity Date. Subject to our approval, you may name a Successor Owner or change a Successor Owner by giving us Written Notice. Once approved by us, the new Successor Owner will be effective as of the date you signed the notice or, if the notice is not dated, on the date the notice was received at our Service Center. If any owner dies before any Annuitant and before the Annuity Date, the Cash Surrender Value will be paid within five years of the date of the owner's death to the surviving owners in proportion to each owner's percentage of ownership. If the deceased owner had named a Successor Owner, then the Successor Owner will be a surviving owner of this contract. In lieu of receiving the Cash Surrender Value, owners who are natural persons may receive proceeds according to Section 11.3
SUCCESSOR OWNER. Subject to the termination rights of any Mortgagee as described in Section 18.2, in the event that any Mortgagee or the nominee or designee of any Mortgagee shall succeed to the rights of Owner under this Agreement (any such person, a “Successor Owner”), whether through possession or Foreclosure Event or delivery of a new deed, or otherwise, at such Successor Owner’s election, in its absolute discretion, such Successor Owner may elect to recognize Manager’s rights under this Agreement as herein provided and, in such event, Manager shall attorn to and recognize the Successor Owner as Owner under this Agreement and Manager shall promptly execute and deliver any instrument that such Successor Owner may reasonably request to evidence such attornment (provided that such instrument does not alter the terms of this Agreement), whereupon, this Agreement shall continue in full force and effect as a direct Agreement between the Successor Owner and Manager upon all of the terms, conditions and covenants as are set forth in this Agreement, except that the Successor Owner shall not be (a) liable in any way to Manager for any act or omission, neglect or default on the part of any prior Owner under this Agreement, (b) responsible for any monies owing by or on deposit with any prior Owner to the credit of Manager (except to the extent actually paid or delivered to the Successor Owner), (c) subject to any counterclaim or setoff which theretofore accrued to Manager against any prior Owner, (d) bound by any modification of this Agreement entered into subsequent to the execution of the applicable Mortgage unless consented to by the applicable Mortgagee as required under this Agreement, (e) liable to Manager beyond the Successor Owner’s interest in the Resort and the income, receipts, revenues, issues and profits issuing from the Resort, or (f) responsible for the performance of any work to be done by Owner under this Agreement in connection with the Resort. Manager agrees at any time and from time to time to execute a suitable instrument in confirmation of Manager’s agreement to attorn, as aforesaid. The Successor Owner shall not be required to pay the Sale Buy-Out Amount upon a foreclosure.
