Common use of Change of Election Clause in Contracts

Change of Election. Any Participant (or the Participant's Beneficiary ------------------- if the Participant has died) who has made an election to defer distribution or to receive an installment distribution (whether or not such installment payments have commenced) under Subsections 9(b)(i) or (ii) above, may subsequently elect to have the entire amount then credited to the Participant's Plan Benefit account distributed immediately in a lump sum or elect to have installment payments commence in a year earlier than the year originally elected. Any other type of change in a Participant's or Beneficiary's deferral election, including without limitation, the earlier distribution of part of the amount credited to a Participant's Plan Benefit account, a change from lump sum payments to installment payments or the postponement of a distribution or the commencement of installment payments, may be made only with the approval of UDLP.