Lump Sum Payment Option. This option provides for a lump-sum cash payment of the amount of the full or partial Termination Payment and is available only if the Market Value Factor equals or exceeds one hundred percent as of the Termination Date or the Partial Termination Date. MassMutual will determine the GIA Market Value of the General Account Assets as of the Termination Date or the Partial Termination Date, which amount will be held in the general investment account of MassMutual and credited with the Holding Account Interest Rate from the Termination Date or the Partial Termination Date until disbursed in one sum in accordance with Section 4.04 not later than [six] months after the Termination Date or the Partial Termination Date, provided that if the GIA Market Value is larger than $[1.5] million, MassMutual may make payment in installments at four-week intervals. Each installment withdrawn is limited to the larger of $[1.5] million or [ten percent (10%)] of the total amount to be withdrawn and the first payment will be made not later than [six] months after the Termination Date or the Partial Termination Date.
Appears in 3 contracts
Sources: Funding Agreement, Funding Agreement, Funding Agreement