Credits to Deferred Compensation Account Sample Clauses

Credits to Deferred Compensation Account. As discussed in Section 1.10, the Bank shall establish a bookkeeping account for Director, known as the Deferred Compensation Account. This Deferred Compensation Account shall be credited on the dates such Director’s Fees would otherwise have been paid with the percentage (dollar amount) that the Participant has notified the Bank (in writing and pursuant to the terms of Section 4), that he elected to have deferred. The Deferred Compensation Account shall be equal to the sum of (i) all amounts deferred in each Deferral Period under this Agreement, including all amounts deferred previously under the Original Agreement and (ii) interest thereon credited in accordance with the applicable interest crediting provisions, net of all distributions from such account. Amounts deferred pursuant to the Original Agreement and this Agreement shall be credited to the Deferred Compensation Account, along with the specified interest thereon. In addition to the forgoing, the Deferred Compensation Account shall include those amounts previously deferred under the Director’s Santa Lucia Bank Director Retirement Agreement (effective as of February 1, 1997 and thereafter amended by virtue of the January 10, 2001 Amendment thereto), as amended and superseded by the First Amended and Restated Santa Lucia National Bank Director Retirement Agreement
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Credits to Deferred Compensation Account. The Bank shall establish a bookkeeping account for the Director (hereinafter called the “Director’s Deferred Compensation Account”) which shall be credited on the dates such fees, as defined in Paragraph II, would otherwise have been paid with the percentage or dollar amount that the Director has notified the Bank in writing, pursuant to Paragraph III, that the Director elected to have deferred.
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Credits to Deferred Compensation Account. The Bank shall establish a bookkeeping account for the Executive (hereinafter called the “Executive’s Deferred Compensation Account”) which shall be credited on the dates such salary and compensation, as defined in Paragraph II, would otherwise have been paid with the percentage or dollar amount that the Executive has notified the Bank in writing, pursuant to Paragraph III, that the Executive elected to have deferred.
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Credits to Deferred Compensation Account. The Company shall establish the Deferred Compensation Account. This Deferred Compensation Account shall be credited on the dates Director’s Fees would otherwise have been paid.
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Credits to Deferred Compensation Account. The Bank shall establish a bookkeeping account for the Executive (hereinafter referred to as the “Executive Deferred Compensation Account”) which shall be credited on the dates such salary as defined in Paragraph II, would otherwise have been paid with the percentage or dollar amount that the Executive has notified the Bank in writing pursuant to Paragraph III, that the Executive elected to have deferred. Said Executive Deferred Compensation Account shall have a pre-existing balance of Ninety-Two Thousand Eight Hundred Forty-Four Dollars and Sixteen Cents ($92,844.16) on the date of the Agreement.
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Credits to Deferred Compensation Account 
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Related to Credits to Deferred Compensation Account

  • Deferred Compensation Account The Employer shall maintain on its books and records a Deferred Compensation Account to record its liability for future payments of deferred compensation and interest thereon required to be paid to the Employee or his beneficiary pursuant to this Agreement. However, the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee or his beneficiary. The amount reflected in said Deferred Compensation Account shall be available for the Employer's general corporate purposes and shall be available to the Employer's general creditors. The amount reflected in said Deferred Compensation Account shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee or his beneficiary, and any attempt to anticipate, alienate, transfer, assign or attach the same shall be void. Neither the Employee nor his beneficiary may assert any right or claim against any specific assets of the Employer. The Employee or his beneficiary shall have only a contractual right against the Employer for the amount reflected in said Deferred Compensation Account and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay amounts which may become due under this Agreement, the Employer may establish a grantor trust (hereinafter the "Trust") within the meaning of Section 671 of the Internal Revenue Code of 1986, as amended. The assets in such Trust shall at all times be subject to the claims of the general creditors of the Employer in the event of the Employer's bankruptcy or insolvency, and neither the Employee nor any beneficiary shall have any preferred claim or right, or any beneficial ownership interest in, any such assets of the Trust prior to the time such assets are paid to the Employee or beneficiary pursuant to this Agreement. The Employer shall credit to said Deferred Compensation Account the amount of any salary to which the Employee becomes entitled and which is deferred pursuant to Section 1 hereof, such amount to be credited as of the first business day of each month. The Employer shall also credit to said Deferred Compensation Account an Interest Equivalent in the amount and manner set forth in Section 3 hereof.

  • CREDITS TO ACCOUNT Promptly after each purchase or sale of Securities by the Fund, the Fund shall deliver to Custodian a Certificate or Instructions, or with respect to a purchase or sale of a Security generally required to be settled on the same day the purchase or sale is made, Oral Instructions specifying all information Custodian may reasonably request to settle such purchase or sale. Custodian shall account for all purchases and sales of Securities on the actual settlement date unless otherwise agreed by Custodian,

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