Five Installment Payments Clause Samples

Five Installment Payments. The Fixed Interest Account Balances may be -------------------------- paid (on a pro rata basis among Employee Account Balances) to another funding vehicle under the Plan (including any MetLife investment alternative under the Plan not included in this contract) as designated by you in accordance with the following schedule, provided that any such transfer will be to the default investment alternative under the Plan, if any (i.e., the Investment Funds in which funds are allocated if you do not elect an Investment Fund), except for any Employee Account Balance as to which you elect another allocation. The first such installment will be payable within 31 days after the Discontinuance Date and the following four installments will be paid annually on the anniversary of that date in the amounts shown below. Payment Amount of Payment ------- ----------------- First Payment One-fifth of the amount, including accrued interest, then remaining in the Fixed Interest Account Second Payment One-fourth of the amount, including accrued interest, then remaining in the Fixed Interest Account Third Payment One-third of the amount, including accrued interest, then remaining in the Fixed Interest Account Fourth Payment One-half of the amount, including accrued interest, then remaining in the Fixed Interest Account Fifth Payment The amount, including accrued interest, then remaining in the Fixed Interest Account While installment payments are being made under this option (2), we will continue to credit interest on the unpaid portion of the Account Balances in accordance with Section 4.1. Furthermore, the withdrawal charges described in Section 7.3 will be waived. Any other payment method mutually agreeable to both the Contractholder and MetLife may be arranged, subject to any required regulatory approvals. Separate Account Distribution ----------------------------- Upon discontinuance we will pay a single lump sum payment of the Account Balances in the Separate Account. The amount of the single sum payment will be the amount remaining in the Separate Account as of the end of the Business Day last preceding the date of such payment. Payment of the single sum will be made in cash on a date within 31 days after the Discontinuance Date unless a later payment date is agreed to by you and us. If in our judgment such payment would involve the sale of assets in the Separate Account for which there is then no readily available market, we will defer the determination and payment of all ...