MoneyGram 2005 Annual Report Download - page 114

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months following such Event of Maturity). Actual distribution shall be made as soon as administratively practicable after such determination.
(b) The amount of each annual installment shall be determined as of the Valuation Date coincident with or next following each December 31, by
dividing the amount of the Account as of such Valuation Date by the number of remaining installment payments to be made. Such installments shall
be paid as soon as administratively practicable after such determination. In the case of a key employee, installments shall be determined as of the
Valuation Date coincident with or next following the December 31 which is at least six (6) months following such Participant's Termination of
Employment.
(c) If the Participant dies following a Termination of Employment but before installments are completed, all remaining installments shall be made to the
beneficiary or beneficiaries designated under Section 7.4 in a single lump sum.
7.4. Designation of Beneficiaries. A deceased Participant's entire Account balance shall be payable to the beneficiary or beneficiaries designated by the
Participant on forms furnished and filed with MGI. In the absence of a designation or if such designation fails, such benefit shall be payable in accordance
with the rules for automatic beneficiaries under the MoneyGram International, Inc. 401(k) Plan.
7.5. No Spousal Rights. No spouse or surviving spouse of a Participant and no person designated to be a Beneficiary shall have any rights or interest in the
benefits credited under this Plan including, but not limited to, the right to be the sole Beneficiary or to consent to the designation of Beneficiaries (or the
changing of designated Beneficiaries) by the Participant.
7.6. Death Prior to Full Distribution. If, at the death of the Participant, any payment to the Participant was due or otherwise pending but not actually paid,
the amount of such payment shall be included in the Account which is payable to the Beneficiary (and shall not be paid to the Participant's estate).
7.7. Distributions in Cash. Distributions from this Plan shall be made in cash.
SECTION 8
FUNDING OF PLAN
8.1. Unfunded Obligation. The obligation of the Employers to make payments under this Plan constitutes only the unsecured (but legally enforceable)
promise of the Employers to make such payments. No Participant shall have any lien, prior claim or other security interest in any property of the Employers.
The Employers shall have no obligation to establish or maintain any fund, trust or account (other than a bookkeeping account or reserve) for the purpose of
funding or paying the benefits promised under this Plan. If such a fund, trust or account is established, the property therein
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