Source of Benefits. The Agreement is unfunded, and all severance benefits will be paid from the general assets of the Company or its successor. No contributions are required under the Agreement.
Source of Benefits. A. All benefits payable pursuant to this Agreement shall be paid from the general assets of the Bank and the Bank shall be under no obligation to segregate any of its assets in connection with the Agreement benefits nor to fund or otherwise secure its obligation to pay such benefits.
Source of Benefits. Benefits under the Plan shall be paid or provided for solely from the Trust Fund, and neither the Employer, any Participating Affiliate, the Trustee, the Administrator, nor any Investment Manager or insurance company shall assume any liability under the Plan therefor.
Source of Benefits. The Death Benefit will be paid solely out of the general assets of Employer. In order to pay the Death Benefit provided for under this Agreement, Employer may elect, in its sole discretion, to purchase a life insurance policy on the life of Employee. Employee will cooperate with Employer and any insurance carrier as necessary to obtain the insurance. Employer will be the owner of any policy or policies of life insurance purchased under this Agreement, and any such policy or policies will be, and remain, a general, unpledged, and unrestricted asset of Employer. Neither Employee nor any Beneficiary or other person will have any claim against, right to, or security or other interest in, any specific fund, account, insurance policy, or other asset of Employer with respect to any benefits under this Agreement.
Source of Benefits. All benefits payable under the Plan shall be paid or provided for solely from the Plan’s assets held under the Custodial Agreement and the Employers assume no liability or responsibility therefor.
Source of Benefits. The assets in each Participant's Account will comprise the only source for payment of benefits to which the Participant, or Participant's Beneficiary, is entitled.
Source of Benefits. All benefits payable under this Plan shall be paid and provided for solely from the Trust Fund and the Employer assumes no liability or responsibility therefor.
Source of Benefits. The primary source of Benefits shall be the general assets of the Company. However, the Company may establish and fund an irrevocable trust (subject to Article VIII and having terms consistent therewith), whereby assets of the Company will be held by such trust pursuant to such Trust Agreement, subject to claims by general creditors of the Company by appropriate judicial action as provided by such Trust. Any insurance policy or any other asset acquired or held by the Company in connection with the liabilities assumed by it hereunder, shall not be deemed to be held under any trust for the benefit of the Executive or his surviving of the Company, but shall be, and remain, a general, unpledged, unrestricted asset of the Company. Neither Executive nor his Beneficiary shall be named as owner of any insurance policy, if any, held in connection with the liabilities hereunder. The trustee of the trust established hereunder shall inform the Board annually prior to the commencement of each fiscal year as to the manner in which trust assets shall be invested. In the event that funds from the trust are at any time insufficient to pay Benefits, the obligation to pay Benefits shall constitute an unfunded, unsecured promise by the Company to provide such payments as and to the extent such Benefits become payable. In such case, Benefits shall be paid from the general assets of the Company, and no person shall, by virtue of this Agreement, have any interest in such assets (other than as an unsecured creditor of the Company).
Source of Benefits. 106 12.3 Exclusive Benefit......................................... 106 12.4 Plan Merger, Consolidation or Transfer.................... 106 12.5 Non-Reversion of Contributions............................ 106 12.6 Return of Employer Contributions Under Special Circumstances................................... 107 12.7
Source of Benefits. It is a condition of the Plan, and each Participant by participating in the Plan expressly agrees, that he and his Beneficiary shall look solely to the Trust Fund for the payment of any benefit to which he is entitled under the Plan.
