Common use of Obligation of the Company Clause in Contracts

Obligation of the Company. The amounts payable under this Agreement are to be satisfied solely out of the general assets of the Company that remain subject to the claims of its creditors. A benefit is at all times a mere contractual obligation of the Company. The Executive and his Beneficiaries have no right, title, or interest in benefits or any claim against them. The Company will not segregate any funds for benefits nor issue any notes or security for the payment of any benefits. No provision of this Agreement shall be construed as giving the Executive any right to continue in the employ of the Company.

Obligation of the Company. This Agreement is unfunded. The amounts payable under this the Agreement are to be satisfied solely out of the general assets of the Company that Company, which shall remain subject to the claims of its creditors. A benefit is at all times a mere contractual obligation of the Company. The Executive and his Beneficiaries have no right, title, or interest in benefits or any claim against them. The Company will not segregate any funds for benefits nor or issue any notes or as security for the payment of any benefits. No provision of this Agreement shall be construed as giving the Executive any right to continue in the employ of the Company.