Common use of Benefits Unfunded Clause in Contracts

Benefits Unfunded. This Agreement is completely separate from and is not a part of any other plan, qualified or nonqualified, of the Company and its subsidiaries. The benefits payable hereunder, if any, are in addition to those that may be provided to the Executive under any other plan, arrangement or agreement. Further, the benefits payable hereunder are completely unfunded and shall be payable by the Company solely out of its general assets and the Executive and his spouse shall be unsecured, general creditors of the Company with respect to such benefits; provided, however, the Company, in its discretion, may establish a grantor or "rabbi" trust to pay all or part of the benefits it may be required to pay under this Agreement, in which event this Agreement shall be deemed to be a part of such trust agreement and the Executive hereby waives, with respect to the assets of such rabbi trust, any preference he may have under state law with respect to such assets and acknowledges that he shall be a general, unsecured creditor of the Company with respect to the same.

Benefits Unfunded. This Agreement is completely separate from and is not a part of any other plan, qualified or nonqualified, of the Company and its subsidiaries. The benefits payable hereunder, if any, are in addition to those that may be provided to the Executive under any other plan, arrangement or agreement. Further, the benefits payable hereunder are completely unfunded and shall be payable by the Company solely out of its general assets and the Executive and his spouse shall be unsecured, general creditors of the Company with respect to such benefits; provided, however, the Company, in its discretion, may establish a grantor or "rabbi" trust to pay all or part of the benefits it may be required to pay under this Agreement, in which event this Agreement shall be deemed to @ be a part of such trust agreement and the Executive hereby waives, with respect to the assets of such rabbi trust, any preference he may have under state law with respect to such assets and acknowledges that he shall be a general, unsecured creditor of the Company with respect to the same.

Benefits Unfunded. This Agreement is completely separate from and is not a part of any other plan, qualified or nonqualified, of the Company and its subsidiaries. The benefits payable hereunder, if any, are in addition to those that may be provided to the Executive under any other plan, arrangement or agreement. Further, the benefits payable hereunder are completely unfunded and shall be payable by the Company solely out of its general assets and the Executive and his spouse shall be unsecured, general creditors of the Company with respect to such benefits; provided, however, the Company, in its discretion, may establish a grantor or "rabbi" rabbi trust to pay all or part of the benefits it may be required to pay under this Agreement, in which event this Agreement shall be deemed to be a part of such trust agreement and the Executive hereby waives, with respect to the assets of such rabbi trust, any preference he may have under state law with respect to such assets and acknowledges that he shall be a general, unsecured creditor of the Company with respect to the same.