Life Insurance and Funding. The Company in its discretion may apply for and procure as owner and for its own benefit, insurance on the life of the Participant, in such amounts and in such forms as the Company may choose. The Participant shall have no interest whatsoever in any such policy or policies, but at the request of the Company he shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for insurance. The rights of the Participant, or his beneficiary, or estate, to benefits under the Plan shall be solely those of an unsecured creditor of the Company. Any insurance policy or other assets acquired by or held by the Company in connection with the liabilities assumed by it pursuant to the Plan shall not be deemed to be held under any trust for the benefit of the Participant, his beneficiary, or his estate, or to be security for the performance of the obligations of the Company but shall be, and remain, a general, unpledged, and unrestricted asset of the Company. If this Agreement is funded through insurance on the life of the Participant, then in the event of the Participant’s death during the first two (2) years after the effective date of this Agreement, and if the Participant’s death was a result of suicide or if the Participant made any material misstatement or failed to make a material disclosure of information in any documentation which the Participant is requested to complete in connection with this Agreement, then no death benefits under the terms of this Agreement will be payable, unless and to the extent that the Board of Directors of Company, in their absolute discretion, may otherwise determine.
Life Insurance and Funding. The Company in its discretion may apply for and procure as owner and for its own benefit, insurance on the life of the Participant, in such amounts and in such forms as the Company may choose. The Participant shall have no interest whatsoever in any such policy or policies, but at the request of the Company he or she shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for insurance. The rights of the Participant, or his or her beneficiary, or estate, to benefits under this Agreement shall be solely those of an unsecured creditor of the Company. Any insurance policy or other assets acquired by or held by the Company in connection with the liabilities assumed by it pursuant to this Agreement shall not be deemed to be held under any trust for the benefit of the Participant, his or her beneficiary, or his or her estate, or to be security for the performance of the obligations of the Company but shall be, and remain, a general, unpledged, and unrestricted asset of the Company. If this Agreement is funded through insurance on the life of the Participant, then in the event of such Participant's death during the first two (2) years after the effective date of this Agreement, or if such Participant's death was a result of suicide or if such Participant made any material misstatement or failed to make a material disclosure of information in any documentation which the Participant is requested to complete in connection with this Agreement, then no death benefits under the terms of this Agreement will be payable, unless and to the extent that the Board of Directors of Company, in their absolute discretion, may otherwise determine.
Life Insurance and Funding. The Company in its sole discretion may apply for and procure, as owner and for its own benefit, insurance on the life of Employee in such amounts and in such forms as the Company may choose. Employee shall have no interest whatsoever in any such policy or policies, but at the request of the Company he shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to which the Company has applied for insurance.
Life Insurance and Funding. Employer in its discretion may apply for and procure as owner and for its own benefit, insurance on the life of Executive, in such amounts and in such forms as Employer may choose. The Executive shall have no interest whatsoever in any such policy or policies, but at the request of Employer, Executive shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom Employer has applied for insurance. The rights of Executive (or Executive’s Beneficiary or Beneficiaries), or estate, to benefits under this Agreement shall be solely those of an unsecured creditor of Employer. Any insurance policy or other assets acquired by or held by Employer in connection with the liabilities assumed by it pursuant to this Agreement shall not be deemed to be held under any trust for the benefit of Executive, Executive’s Beneficiary or Beneficiaries, or Executive’s estate, or to be security for this performance of the obligations of Employer but shall be, and remain, a general, unpledged, and unrestricted asset of Employer. If Employer elects to protect against its liabilities under this Agreement by purchasing any insurance or other similar product on the life of Executive or on any pool or group of similarly situated individuals, then Executive acknowledges that Employer shall have no obligation to provide any benefits under this Agreement if Executive makes any material misstatement, fails to disclose any material information or otherwise acts in any way (e.g., commits suicide) which allows the underlying insurer to reduce or eliminate its payments under that policy or reduce or avoid making payments to Employer under that insurance policy. Under such circumstances, Employer may reduce or eliminate any or all benefits under this Agreement to reflect the actual benefit that Employer receives under such policy.
Life Insurance and Funding. 9 SECTION 9 ......................................................................................10
Life Insurance and Funding. The Company in its discretion may apply for and procure as owner and for is own benefit, insurance on the life of the Participant, in such amounts and in such forms as the Company may choose. The Participant shall have no interest whatsoever in any such policy or policies, but at the request of the Company he shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for insurance. The rights of the Participant, or his beneficiary, or estate, to benefits under the Plan shall be solely those of an unsecured creditor of the Company. Any insurance policy or other assets acquired by or held by the Company in connection with the liabilities assumed by it pursuant to the Plan shall not be deemed to be held under any trust for the benefit of the Participant, his beneficiary, or his estate, or to be security for the performance of the obligations of the Company but shall be, in remain, a general, unpledged, and unrestricted asset of the Company.
Life Insurance and Funding. Univest, in its discretion, may apply for and procure as owner and for its own benefit, insurance on the life of the Employee in such amounts and in such forms as Univest may choose.
Life Insurance and Funding. The Bank in its discretion may leave its obligations under the Plan unfunded or may seek to fund such obligations in any manner it deems reasonable, including applying for a policy or policies of insurance on the life of the Executive in such amounts and in such forms as the Bank may select. The Executive shall have no interest whatsoever in any such policy or policies, but at the request of the Bank shall submit to medical examinations and supply such information and execute such documents as may be required by any insurance company or companies to whom the Bank has made application. The rights of the Executive, or his beneficiary or estate, to benefits under the Plan shall be solely those of an unsecured creditor of the Bank. Any insurance policy or other assets acquired by or held by the Bank in connection with the liabilities assumed pursuant to this Plan may be held in trust for the benefit of the Executive, his beneficiary or estate, or as security for the performance of the obligations of the Bank; provided, however, that no such trust or other arrangement shall prevent any asset designated for funding as being anything other than a general, unpledged, and unrestricted asset of the Bank subject to the claims of its creditors. If this Plan is funded through insurance on the life of Executive, then in the event of Executive’s death during the first two (2) years after the effective date of such insurance, and if Executive’s death was a result of suicide or if Executive made any material misstatement or failed to make a material disclosure of information in any documentation which the Executive was requested to complete in connection with this Plan or the procurement of such insurance, no benefits under the terms of this Plan will be payable, unless and to the extent that the Board of Directors of Bank, in their absolute discretion, may otherwise determine.
Life Insurance and Funding. The Company shall apply for and procure as owner and for its own benefit, insurance on the life of the Participant, in such amounts and in such forms as the Company may choose. The Participant shall have no interest whatsoever in any such policy or policies, but at the request of the Company shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for insurance. The rights of the Participant, or his beneficiary, or estate, to benefits under this Agreement shall be solely those of an unsecured creditor of the Company. Any insurance policy or other assets acquired by or held by the Company in connection with the liabilities assumed by it pursuant to this Agreement shall not be deemed to be held under any trust for the benefit of the Participant, his beneficiary, or his estate, or to be security for the performance of the obligations of the Company but shall be, and remain, a general, unpledged, and unrestricted asset of the Company.
Life Insurance and Funding. 12 SECTION 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
