First Option definition

First Option has the meaning set forth in Section 4.1(b) of this Agreement.

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First Option. INCOME FOR A SPECIFIED NUMBER OF YEARS The Company will make monthly payments which will include both principal and interest. Payments will start on the Option Date and will continue for the number of years chosen. The number of years chosen cannot 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 of Number of Number of Years Years 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 start 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

• The Tenant shall deliver written notice of its intent to exercise each Option Term, delivering such written notice to Landlord prior to but not after the date which is 365 days prior to the expiration of the initial Term (as to the First Option Term) or 365 days prior to the expiration of the First Option Term (for the Second Option Term), but no earlier than the date which is fifteen (15) months prior to the expiration of the then current Term.

• Provided Tenant is not in default of any of the terms or conditions of the Lease beyond the applicable notice and cure period at the time of exercise, Tenant is granted two (2) successive options (each, an “Option Term”, collectively, the “Option Terms”, and successively the “First Option Term” and the “Second Option Term”) to extend the term of the Lease following the initial Term and then following the First Option Term if so exercised, upon the following terms and conditions.

• The formula for determining the First Option Purchase Price is the cost to construct the buildings and other improvements, given material costs and labor costs in the current local economy, adjusted for deterioration, obsolescence and damage.

• All mortgages must include a copy of this Lease Agreement and the amount of any mortgage or the sum total of multiple mortgages shall not exceed the First Option Purchase Price as determined in this Section 5.

• The Lessor may then exercise the First Option to Purchase at the offer price in the Seller Letter.

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 see Section 4.01(b).

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 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