Common use of Payment Form Election Clause in Contracts

Payment Form Election. I hereby designate one of the following as my Payment Method for the amounts credited to my Deferral Account pursuant to the Agreement [place an “X” preceding your choice and fill in the missing information, as applicable]: A lump sum payment. Quarterly installments for a period of [pick either 5 or 10] years. I understand that for purposes of modifications to payment form, each installment stands alone (e.g., to change installments to a lump sum, the lump sum must be deferred to five years after the last installment payment would have been made).

Payment Form Election. I hereby designate one of the following as my Payment Method for the amounts credited to my Deferral Account pursuant to the Agreement [place an “X” preceding your choice and fill in the missing information, as applicable]: ____ A lump sum payment. ____ Quarterly installments for a period of ____ [pick either 5 or 10] years. I understand that for purposes of modifications to payment form, each installment stands alone (e.g., to change installments to a lump sum, the lump sum must be deferred to five years after the last installment payment would have been made).

Payment Form Election. I hereby designate one of the following as my Payment Method for the amounts credited to my Deferral Account pursuant to the Agreement [place an “"X” " preceding your choice and fill in the missing information, as applicable]: ____ A lump sum payment. ____ Quarterly installments for a period of ____ [pick either 5 or 10] years. I understand that for purposes of modifications to payment form, each installment stands alone (e.g., to change installments to a lump sum, the lump sum must be deferred to five years after the last installment payment would have been made).