'Survivor's Option definition

'Survivor's Option means, where applicable, the right of a holder of a Note to require the Company to repay such Note prior to its Stated Maturity upon the death of the owner of such Note, subject to the provisions hereof relating to such option."

'Survivor's Option means, where applicable, the right of a holder of a Note to require the Company to repay such Note prior to its Stated Maturity upon the death of the owner of such Note, subject to the provisions hereof relating to such option..

'Survivor's Option. Unless this Agreement has been declared due and payable prior to the Maturity Date of the related Notes by reason of any Event of Default, or has been previously redeemed or otherwise repaid, the Agreement Holder may request repayment of this Agreement upon the valid exercise of the Survivor’s Option in the Notes by the Representative (defined in the Notes) of the deceased Beneficial Owner of such Notes (a “Survivor’s Option”). Except as provided below, upon the tender to and acceptance by Principal Life of this Agreement (or portion thereof) securing the Notes as to which the Survivor’s Option has been exercised, Principal Life shall repay to the Agreement Holder the amount of the Fund equal to (i) 100% of the principal amount of the Notes as to which the Survivor’s Option has been validly exercised and accepted, plus accrued and unpaid interest on such amount to the date of repayment, or (ii) in the case of Discount Notes, the Issue Price of the Notes as to which the Survivor’s Option has been validly exercised and accepted, plus accrued discount and any accrued and unpaid interest on such amount to the date of repayment. However, Principal Life shall not be obligated to repay in any calendar year: • more than the greater of $2,000,000 or 2% of the aggregate deposit for all funding agreement contracts securing all outstanding notes issued under the Principal® Life CoreNotes® Program and Secured Medium-Term Notes Retail Program as of the end of the most recent calendar year; Program and Secured Medium-Term Notes Retail Program as of the end of the most recent calendar year; • more than $250,000 in aggregate deposit of funding agreement contracts securing outstanding notes issued under the Principal® Life CoreNotes® Program and Secured Medium-Term Notes Retail Program as to which the Survivor’s Option has been exercised on behalf of any single beneficial owner in any calendar year; or • more than 2% of the Deposit under this Agreement which secures the related Notes, as of the later of the end of the most recent calendar year or the issuance date of such Series of Notes. Principal Life shall not make repayments pursuant to the Agreement Holder’s request for repayment upon exercise of the Survivor’s Option in amounts that are less than $1,000, and, in the event that the limitations described in the preceding sentence would result in the partial repayment of this Agreement, the principal amount of this Agreement remaining outstanding after repayment must be ...

Examples of 'Survivor's Option in a sentence

• For Securities represented by a Global Security, the Depositary or its nominee shall be the holder of such Security and therefore shall be the only entity that can exercise the Survivor's Option for such Security.

• If the Survivor's Option is affirmatively specified on the face hereof, the Holder of the Security shall have the right to require the Company to repay a Security prior to its maturity date upon the death of the beneficial owner of the Security as described below.

• The death of a person who, during his or her lifetime, was entitled to substantially all of the beneficial interests of ownership of a Security will be deemed the death of the beneficial owner for purposes of the Survivor's Option, regardless of the registered Holder of the Security, if such beneficial interest can be established to the satisfaction of the Trustee.

• Any Security (or portion thereof) accepted for repayment or repurchase pursuant to exercise of the Survivor's Option will be repaid or repurchased on the first Interest Payment Date to occur at least 20 calendar days after the date of acceptance.

• An otherwise valid election to exercise the Survivor's Option may not be withdrawn.

More Definitions of 'Survivor's Option

'Survivor's Option means the provision, if any, in the Notes permitting optional repayment of such Notes prior to maturity, if requested, following the death of the beneficial owner of such Notes, in accordance with the terms of the Notes.

'Survivor's Option. [ ] Yes (If yes, the attached Survivor's Option Rider is incorporated into this Note)

'Survivor's Option means the provision in the Notes permitting optional repayment of such Notes prior to maturity, if requested, following the death of the beneficial owner of such Notes, in accordance with such Notes.

'Survivor's Option. The term "

'Survivor's Option means, where applicable, the right of the personal representative of a beneficial owner of a Note to require the Company to repay that Note prior to its Maturity Date upon the death of the beneficial owner of the Note.

'Survivor's Option. As defined in Section 5.12(a).

'Survivor's Option. Authorized Denominations: (If other than as set forth in the Prospectus Supplement) Dual Currency Note: [ ] Yes (see attached) [ ] No Optional Payment Currency: Designated Exchange Rate: Base Rate: [ ] CD Rate [ ] Commercial Paper Rate [ ] Federal Funds Rate [ ] LIBOR Telerate [ ] LIBOR Reuters [ ] Treasury Rate [ ] Treasury Rate Constant Maturity [ ] Prime Rate [ ] Eleventh District Cost of Funds Rate [ ] Euribor [ ] Other (see attached) Index Maturity: Interest Reset Period or Interest Reset Dates: Interest Payment Dates: Accrue to Pay: [ ] Yes [ ] No