Election of Form of Payment. The Director shall also specify on the Election Form whether payment of the Deferral Account shall be a single lump sum or installments. If installment payments are elected, the Director shall specify installments of 3, 5, 10, or 15 years and whether installments shall be paid monthly, quarterly, semi-annually, or annually. However, in no case may installments extend beyond 180 months after the date payments commence. All installments will be paid as an end-of-period payment rather than beginning-of-period payments. Failure to specify on the Election Form a form of payment shall constitute an election for a single lump-sum payment. If installment payments are elected but the Director fails to specify the duration of installment payments, the Director shall be deemed to have elected installments over three years. If installment payments are elected but the Director fails to specify the frequency of installment payments, the Director shall be deemed to have elected monthly installments.
Appears in 5 contracts
Samples: Elective Income Deferral Agreement (Capital Corp of the West), Elective Income Deferral Agreement (Capital Corp of the West), Elective Income Deferral Agreement (Capital Corp of the West)
