Common use of Deferral of Fees Clause in Contracts

Deferral of Fees. On receipt of a written election by a Director, ▇▇▇▇▇▇▇▇ Federal Savings and Loan Association will establish an accounting record of the fees deferred by such Director. The deferred fees will be recorded as a current operating expense for accounting purposes but will not be deducted by ▇▇▇▇▇▇▇▇ Federal Savings and Loan Association on its income tax returns until the year of actual payment. An unfunded liability for deferred but unpaid fees and accumulated interest will be recorded on the books and records of ▇▇▇▇▇▇▇▇ Federal Savings and Loan Association. Nothing contained herein shall be deemed to create a trust of any kind. No participant shall have any right to receive any current or accumulated deferred compensation or interest for any year until such time as described in Section 6. To the extent that any person, including the participant, acquired a right to receive payments from ▇▇▇▇▇▇▇▇ Federal Savings and Loan Association under the Agreement such right shall be no greater than the right of any unsecured general creditor of ▇▇▇▇▇▇▇▇ Federal Savings and Loan Association. Furthermore, such right may not be pledged, transferred or assigned in whole or in part.