Common use of ABSENCE OF FUNDING Clause in Contracts

ABSENCE OF FUNDING. Benefits payable pursuant to this Agreement shall not be funded, and the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee, her spouse, her beneficiary or her estate. Such benefits shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee, her spouse, her beneficiary or her estate, and any attempt to anticipate, alienate, transfer, assign or attach these benefits shall be void. The Employee, her spouse, her beneficiary or her estate shall have only a contractual right against the Employer for the benefits hereunder and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay benefits pursuant to 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. Some or all of the assets of the Trust may be dedicated to providing benefits to the Employee, her spouse, her beneficiary or her estate pursuant to this Agreement, but, nevertheless, all assets of the Trust shall at all times remain subject to the claims of the Employer’s general creditors in the event of the Employer’s bankruptcy or insolvency.

ABSENCE OF FUNDING. Benefits payable pursuant to this Agreement shall not be funded, and the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee, her his spouse, her his beneficiary or her his estate. Such benefits shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee, her his spouse, her his beneficiary or her his estate, and any attempt to anticipate, alienate, transfer, assign or attach these benefits shall be void. The Employee, her his spouse, her his beneficiary or her his estate shall have only a contractual right against the Employer for the benefits hereunder and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay benefits pursuant to 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. Some or all of the assets of the Trust may be dedicated to providing benefits to the Employee, her his spouse, her his beneficiary or her his estate pursuant to this Agreement, but, nevertheless, all assets of the Trust shall at all times remain subject to the claims of the Employer’s 's general creditors in the event of the Employer’s 's bankruptcy or insolvency.

ABSENCE OF FUNDING. Benefits payable pursuant to this Agreement shall not be funded, and the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee, her spouse, her beneficiary his spouse or her his estate. Such benefits shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment transfer or garnishment assignment by creditors of the Employee, her spouse, her beneficiary his spouse or her his estate, and any attempt to anticipate, alienate, transfer, transfer or assign or attach these benefits shall be void. The Employee, her spouse, her beneficiary his spouse or her his estate shall have only a contractual right against the Employer for the benefits hereunder and shall have the status of general unsecured creditorshereunder. Notwithstanding the foregoing, in order to pay benefits pursuant to 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. Some or all of the assets of the Trust may be dedicated to providing benefits to the Employee, her spouse, her beneficiary his spouse or her his estate pursuant to this Agreement, but, nevertheless, all assets of the Trust shall at all times remain subject to the claims of the Employer’s general creditors in the event of the Employer’s bankruptcy or insolvency.

ABSENCE OF FUNDING. Benefits payable pursuant to this Agreement shall not be funded, and the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee, her [his][her] spouse, her [his][her] beneficiary or her [his][her] estate. Such benefits shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee, her [his][her] spouse, her [his][her] beneficiary or her [his][her] estate, and any attempt to anticipate, alienate, transfer, assign or attach these benefits shall be void. The Employee, her [his][her] spouse, her [his][her] beneficiary or her [his][her] estate shall have only a contractual right against the Employer for the benefits hereunder and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay benefits pursuant to 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. Some or all of the assets of the Trust may be dedicated to providing benefits to the Employee, her [his][her] spouse, her [his][her] beneficiary or her [his][her] estate pursuant to this Agreement, but, nevertheless, all assets of the Trust shall at all times remain subject to the claims of the Employer’s general creditors in the event of the Employer’s bankruptcy or insolvency.

ABSENCE OF FUNDING. Benefits payable pursuant to this Agreement shall not be funded, and the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee, her his spouse, her his beneficiary or her his estate. Such benefits shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee, her his spouse, her his beneficiary or her his estate, and any attempt to anticipate, alienate, transfer, assign or attach these benefits shall be void. The Employee, her his spouse, her his beneficiary or her his estate shall have only a contractual right against the Employer for the benefits hereunder and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay benefits pursuant to 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. Some or all of the assets of the Trust may be dedicated to providing benefits to the Employee, her his spouse, her his beneficiary or her his estate pursuant to this Agreement, but, nevertheless, all assets of the Trust shall at all times remain subject to the claims of the Employer’s general creditors in the event of the Employer’s bankruptcy or insolvency.

ABSENCE OF FUNDING. Benefits payable pursuant to this Agreement shall not be funded, and the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee, her [his] spouse, her [his] beneficiary or her [his] estate. Such benefits shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee, her [his] spouse, her [his] beneficiary or her [his] estate, and any attempt to anticipate, alienate, transfer, assign or attach these benefits shall be void. The Employee, her [his] spouse, her [his] beneficiary or her [his] estate shall have only a contractual right against the Employer for the benefits hereunder and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay benefits pursuant to 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. Some or all of the assets of the Trust may be dedicated to providing benefits to the Employee, her [his] spouse, her [his] beneficiary or her [his] estate pursuant to this Agreement, but, nevertheless, all assets of the Trust shall at all times remain subject to the claims of the Employer’s general creditors in the event of the Employer’s bankruptcy or insolvency.

ABSENCE OF FUNDING. Benefits payable pursuant to this Agreement shall not be funded, and the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee, her [her] spouse, her [her] beneficiary or her [her] estate. Such benefits shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Employee, her [her] spouse, her [her] beneficiary or her [her] estate, and any attempt to anticipate, alienate, transfer, assign or attach these benefits shall be void. The Employee, her [her] spouse, her [her] beneficiary or her [her] estate shall have only a contractual right against the Employer for the benefits hereunder and shall have the status of general unsecured creditors. Notwithstanding the foregoing, in order to pay benefits pursuant to 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. Some or all of the assets of the Trust may be dedicated to providing benefits to the Employee, her [her] spouse, her [her] beneficiary or her [her] estate pursuant to this Agreement, but, nevertheless, all assets of the Trust shall at all times remain subject to the claims of the Employer’s general creditors in the event of the Employer’s bankruptcy or insolvency.

ABSENCE OF FUNDING. Benefits payable pursuant to this Agreement shall not be funded, and the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee, her spouse, her beneficiary spouse or her estate. Such benefits shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment transfer or garnishment assignment by creditors of the Employee, her spouse, her beneficiary spouse or her estate, and any attempt to anticipate, alienate, transfer, transfer or assign or attach these benefits shall be void. The Employee, her spouse, her beneficiary spouse or her estate shall have only a contractual right against the Employer for the benefits hereunder and shall have the status of general unsecured creditorshereunder. Notwithstanding the 3 foregoing, in order to pay benefits pursuant to 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. Some or all of the assets of the Trust may be dedicated to providing benefits to the Employee, her spouse, her beneficiary spouse or her estate pursuant to this Agreement, but, nevertheless, all assets of the Trust shall at all times remain subject to the claims of the Employer’s 's general creditors in the event of the Employer’s 's bankruptcy or insolvency.

ABSENCE OF FUNDING. Benefits payable pursuant to this Agreement shall not be funded, and the Employer shall not be required to segregate or earmark any of its assets for the benefit of the Employee, her spouse, her beneficiary spouse or her estate. Such benefits shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment transfer or garnishment assignment by creditors of the Employee, her spouse, her beneficiary spouse or her estate, and any attempt to anticipate, alienate, transfer, transfer or assign or attach these benefits shall be void. The Employee, her spouse, her beneficiary spouse or her estate shall have only a contractual right against the Employer for the benefits hereunder and shall have the status of general unsecured creditorshereunder. Notwithstanding the foregoing, in order to pay benefits pursuant to 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. Some or all of the 4, assets of the Trust may be dedicated to providing benefits to the Employee, her spouse, her beneficiary spouse or her estate pursuant to this Agreement, but, nevertheless, all assets of the Trust shall at all times remain subject to the claims of the Employer’s 's general creditors in the event of the Employer’s 's bankruptcy or insolvency.