Common use of Subsequent Deferrals Clause in Contracts

Subsequent Deferrals. Subsequent to the initial deferral provided for in Section 3.01 above, any election to continue to defer, revise, or terminate the deferral of Director’s Fees hereunder shall be made no later than January 1 of each Plan Year. Should the Participant terminate the deferral, the Benefit Account cannot be distributed until such time as requested and stated in the Adoption Agreement, or on the most recent annual deferral election form.