First Option definition
First Option has the meaning set forth in Section 4.1(b) of this Agreement.
First Option. INCOME FOR A SPECIFIED NUMBER OF YEARS. The Company will make equal monthly payments which will include both principal and interest. Payments will begin on the Option Date and will continue for the number of years elected, which may not be more than 30. Interest is at the rate of 3 1/2% per year compounded yearly. Additional interest paid by the Company for any year will be added to the monthly payments for that year. Guaranteed monthly payments per $1,000 of proceeds applied to the First Option are shown below: -------------------------------------------------------------------------------- Number Number Number of Years of Years of Years -------------------------------------------------------------------------------- 1 $84.65 11 $9.09 21 $5.56 2 43.05 12 8.46 22 5.39 3 29.19 13 7.94 23 5.24 4 22.27 14 7.49 24 5.09 5 18.12 15 7.10 25 4.96 6 15.35 16 6.76 26 4.84 7 13.38 17 6.47 27 4.73 8 11.90 18 6.20 28 4.63 9 10.75 19 5.97 29 4.53 10 9.83 20 5.75 30 4.45 SECOND OPTION: LIFE INCOME. The Company will make equal monthly payments. Payments will begin on the Option Date and will continue: . During the life of the Payee, with no further payment after the death of the Payee, called "Life Income, No Refund"; or . During the life of the Payee, but for at least 10 years, called "Life Income, 10 Years Certain"; or . During the life of the Payee, but for at least 20 years, called "Life Income, 20 Years Certain."
First Option has the meaning set out in sub-paragraph 4.01(a) hereof;
Examples of First Option in a sentence
Second Option Closing shall take place on the date specified in the relevant Exercise Notice or such later date as the Parties may agree in writing, subject to that date falling within the First Option Exercise Period in respect of First Option Closing and the Second Option Exercise Period in respect of the Second Option Closing.
More Definitions of First Option
First Option shall have the meaning provided in Section 2.
First Option has that meaning set out in Section 3.1 (a);
First Option means the rights and obligations contemplated in Section 9.5 hereof.
First Option means First Option as defined in Paragraph 35.
First Option means the option described in the Option Letter under the heading “Preferred Share Option” to have the Existing Notes held by the holders thereof converted into Preferred Shares;
First Option see Section 4.01(b).
First Option has the meaning given to it in clause 3.2(a). first Party has the meaning given to it in clause 42(b). Force Majeure 1 acts of terrorism; Term Meaning Framework Transition-In the implementation of the Products and Services in connection with Framework Transition-In Period Framework Transition-In Plan Framework Transition-Out the Transition-Out in connection with the expiry or termination of Framework Transition-Out Period Framework Transition-Out Plan Government Agency any of the following: Term Meaning