Common use of RESTRICTIONS UPON FUNDING Clause in Contracts

RESTRICTIONS UPON FUNDING. The Bank shall have no obligation to set aside, earmark or entrust any fund or money with which to pay its obligations under this Executive Agreement. The Executive, his beneficiary(ies), or any successor in interest shall be and remain simply a general, unsecured creditor of the Bank in the same manner as any other creditor having a general claim for matured and unpaid compensation. The obligation of the Bank to make payments under this Executive Agreement shall constitute a general unsecured obligation of the Bank to the Executive. The Bank reserves the absolute right, at its sole discretion, to either fund the obligations undertaken by this Executive Agreement or to refrain from funding the same and to determine the extent, nature and method of such funding. Should the Bank elect to fund this Executive Agreement, in whole or in part, through the purchase of life insurance, mutual funds, disability policies or annuities, the Bank reserves the absolute right, in its sole discretion, to terminate such funding at any time, in whole or in part. At no time shall the Executive be deemed to have any lien nor right, title or interest in or to any specific funding investment or to any assets of the Bank. If the Bank elects to invest in a life insurance, disability or annuity policy upon the life of the Executive, then the Executive shall assist the Bank by freely submitting to a physical exam and supplying such additional information as may be necessary to obtain such insurance or annuities.