Common use of Payment of Benefit Clause in Contracts

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit Date. The Company shall amortize the Deferral Account balance using the interest rate described in Section 3.1.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit DateTermination of Service. The Company shall amortize continue to credit interest as described in Section 3.1.2.1 on the balance of the Deferral Account balance using the interest rate described in Section 3.1until all payments have been distributed.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit DateTermination of Service due to Disability. The Company shall amortize continue to credit interest as described in Section 3.1.2.1 on the balance of the Deferral Account balance using the interest rate described in Section 3.1until all payments have been distributed.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit DateAge. The Company shall amortize continue to credit interest as described in Section 3.1.2.1 on the balance of the Deferral Account balance using the interest rate described in Section 3.1until all payments have been distributed.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 180 equal monthly installments commencing on the first day of with the month following the Director's Normal Benefit Date’s Termination of Service. The Company shall amortize continue to credit interest pursuant to Section 3.1.3 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 180 equal monthly installments commencing on the first day of with the month following the Director's ’s Normal Benefit DateRetirement Age. The Company shall amortize continue to credit interest pursuant to Section 3.1.3 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the annual benefit to the Director Director's beneficiary in 120 12 equal monthly installments commencing payable on the first day of each month commencing with the month following the Director's Normal Benefit DateDeath. The annual benefit shall be paid to the Director's beneficiary for 20 years. The Company shall amortize credit interest pursuant to Section 3.1.2 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the annual benefit to the Director in 120 12 equal monthly installments commencing payable on the first day of each month commencing with the month following the Director's Normal Benefit DateTermination of Service. The annual benefit shall be paid to the Director for 20 years, or as elected on the Election Form (Exhibit 2). The Company shall amortize credit interest pursuant to Section 3.1.2 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 180 equal monthly installments commencing on the first day of with the month following the Director's ’s Normal Benefit Retirement Date. The Company shall amortize continue to credit interest pursuant to Section 3.1.3 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit Retirement Date. The Company shall amortize credit interest pursuant to Section 3.1.2 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit Retirement Date. The Company shall amortize credit interest pursuant to Section 3.1.2 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit DateRetirement Age. The Company shall amortize credit interest pursuant to Section 3.1.2 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit DateRetirement Age. The Company shall amortize continue to credit interest under Section 3.1.2 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit DateTermination of Service. The Company shall amortize credit interest pursuant to Section 3.1.2 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 180 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit DateTermination of Service. The Company shall amortize credit interest pursuant to Section 3.1.2 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments installments, including interest at the Final Crediting Rate, compounded monthly, commencing on the first day of the month following the Director's Normal Benefit Retirement Date. The Company shall amortize the Deferral Account balance using the interest rate described in Section 3.1.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments installments, including interest at the Final Crediting Rate, compounded monthly, commencing on the first day of the month following the Director's ’s Normal Benefit Retirement Date. The Company shall amortize the Deferral Account balance using the interest rate described in Section 3.1.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments installments, including interest at the Final Crediting Rate, compounded monthly, commencing on the first day of the month following the Director's Normal Benefit DateTermination of Service. The Upon petition by the Director, the Company shall amortize may, at its sole discretion, pay the unpaid balance in the Deferral Account balance using to the interest rate described Director in a lump sum in lieu of any remaining installments otherwise due under this Section 3.14.4.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 180 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit Retirement Date. The Company shall amortize credit interest pursuant to Section 3.1.2 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit Retirement Date. The Company shall amortize continue to credit interest under Section 3.1.2 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments installments, including interest at the Payment Rate, commencing on the first day of the month following the Director's Normal Benefit Retirement Age. Upon petition by the Director following the Normal Retirement Date. The Company shall amortize , the Deferral Account balance using Company's Board of Directors may elect, at its sole discretion, to pay the interest rate described benefit in Section 3.1a lump sum in lieu of any installment payments otherwise payable under this section 4.2.2.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 60 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit Retirement Date. The Company shall amortize continue to credit interests under Section 3.1.2 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during any applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 60 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit DateRetirement Age. The Company shall amortize continue to credit interest under Section 3.1.2 on the Deferral Account remaining account balance using the interest rate described in Section 3.1during ay applicable installment period.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments installments, including interest at the Payment Rate, commencing on the first day of the month following the Director's Normal Benefit Retirement Date. The Company shall amortize Upon petition by the Deferral Account balance using Director following the interest rate described Normal Retirement Date, the Company's Board of Directors may elect, at its sole discretion, to pay the benefit in Section 3.1a lump sum in lieu of any installment payments otherwise payable under this section 4.1.2.

Payment of Benefit. The Company shall pay the benefit to the Director in 120 equal monthly installments commencing on the first day of the month following the Director's Normal Benefit Retirement Date. The Company shall amortize continue to credit interest under the Deferral Account Section 3.1.2 on the remaining account balance using the interest rate described in Section 3.1during any applicable installment period.