Common use of Payments Commence Upon Normal Retirement Date Clause in Contracts

Payments Commence Upon Normal Retirement Date. If the Executive shall remain in the continuous employment of the Employer until attaining the Normal Retirement Date, the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined in Schedule B, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive Retires or upon such later date as may be mutually agreed upon by the Executive and the Employer in advance of said Retirement date, payable until the Executive's death.

Payments Commence Upon Normal Retirement Date. If In the event Executive shall remain in the continuous employment of the Employer until attaining the elects to Retire on or after his Normal Retirement Date, the Executive shall be entitled to be paid the Applicable Percentage of the Executive Benefits, as defined in Schedule B, in substantially equal monthly installments on the first day of each month, beginning with the month following the month in which the Executive Retires or upon such later date as may be mutually agreed upon by the Executive and the Employer Bank in advance of said Retirement date, payable until the Executive's death.