Common use of Unfunded Arrangement Clause in Contracts

Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay benefits. The rights to benefits are not subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's life is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.

Unfunded Arrangement. The Executive and the Beneficiary are general -------------------- unsecured creditors of the Bank for the payment distribution of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay distribute such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's life or other informal funding asset is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.

Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay the benefits. The rights Rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's life is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.

Unfunded Arrangement. The Executive and the Executive Beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's life is a general asset of the Bank to which the Executive and Executive Beneficiary have no preferred or secured claim.

Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere 10 promise by the Bank to pay benefits. The rights to benefits are not subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's life is a general asset of the Bank to which the Executive and the Beneficiary have no preferred or secured claim.

Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreementbenefits. The benefits represent the mere promise by the Bank to pay benefits. The rights Rights to benefits are not subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's ’s life is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.

Unfunded Arrangement. The Executive and the her Beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's ’s life is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.

Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors of the Bank for the payment distribution of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay distribute such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, attachment or garnishment by creditors. Any insurance on the Executive's life or other informal funding asset is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.. Fairport Savings Bank Supplemental Executive Retirement Agreement

Unfunded Arrangement. The Executive and the Executive’s Beneficiary are general unsecured creditors of the Bank Employer for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank Employer to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, attachment or garnishment by creditors. Any insurance on the Executive's life is insurance, annuity contract or other asset purchased by Employer to fund its obligations under this Agreement shall be a general asset of the Bank Employer to which the Executive and Beneficiary have no preferred or secured claim.

Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay benefits. The rights Rights to benefits are not subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's ’s life is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.. Exhibit 10.7

Unfunded Arrangement. The Executive and the Beneficiary any beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, . assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's ’s life is a general asset of the Bank to which the Executive and Beneficiary beneficiary have no preferred or secured claim.

Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors of the Bank for the payment distribution of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay distribute such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, assignment pledge, encumbrance, attachment, attachment or garnishment by creditors. Any insurance on the Executive's ’s life or other informal funding asset is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.

Unfunded Arrangement. The Executive and the Beneficiary any beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by be creditors. Any insurance on the Executive's ’s life is a general asset of the Bank to which the Executive and Beneficiary beneficiary have no preferred or secured claim.

Unfunded Arrangement. The Executive and the Beneficiary are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's ’s life is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.. PEOPLES FEDERAL SAVINGS BANK Salary Continuation Agreement

Unfunded Arrangement. The Executive and the Beneficiary are general -------------------- unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay benefits. The rights Rights to benefits are not subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Executive's life is a general asset of the Bank to which the Executive and Beneficiary have no preferred or secured claim.