Common use of Unclaimed Benefit Clause in Contracts

Unclaimed Benefit. The Executive shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the Executive's benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the reorganize into the mutual holding company structure or convert to the stock form of ownership in view of: the ongoing trend toward mutual-to-stock conversions and mutual holding company reorganizations; the likely changes in the regulation of thrift institutions and the possible elimination of the federal and state thrift charters by the current Congress; and the competitive changes in the financial services industry. They shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account provided for such Executive and/or Beneficiary under this Agreement.