Common use of Lump Sum Payment Option Clause in Contracts

Lump Sum Payment Option. This option provides for a lump-sum cash payment. The amount of the Market Value of the General Account Assets will be paid in one sum in accordance with Section 5.06 not later than six (6) months after the Termination Date, provided that if the Market Value of the General Account Assets 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 Each installment withdrawn is limited to the larger of $1.5 million or ten percent (10%) of the total amount to be withdrawn and the first payment will be made not later than six (6) months after the Termination Date.