Common use of SURVIVOR'S OPTION Clause in Contracts

SURVIVOR'S OPTION. (a) If so specified in any Certificate, the representative of a beneficial owner of such Certificate shall have the option to elect repurchase of such Certificate (or portion thereof) following the death of the beneficial owner of such Certificate (a “Survivor’s Option”); provided however, that the Certificate was acquired by such beneficial owner at least six months prior to the request, and provided, further that the Trust shall only repurchase such Certificate (or portion thereof) to the extent that (i) the Underlying Notes also have survivor’s option provisions that the Trustee, on behalf of the Trust, may elect to exercise on behalf of the beneficial owner of such Certificate and (ii) the issuer of the Underlying Notes honors such election by the Trustee.