Agreement Unfunded Sample Clauses

Agreement Unfunded. This Agreement shall be unfunded for tax purposes and for the purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. Executive shall have the status of a general unsecured creditor of Employer and this Agreement shall constitute a mere promise by Employer to make payments in the future. Employer may establish a grantor trust to which general corporate assets may be contributed in order to assist Employer in meeting its obligation under this Agreement.

Agreement Unfunded. The obligation of SMS to pay any benefits under ------------------ this Agreement shall be unfunded and unsecured and any payment under this Agreement shall be made from the general assets of SMS.

Agreement Unfunded. It is the intention of the parties hereto ------------------ the Company's obligations to pay retirement or survivor benefits hereunder shall be an unsecured promise, and that any right to enforce such obligation shall be solely as a general creditor of the Company. If the Company shall acquire an insurance policy or any other asset in connection with the liabilities assumed by it hereunder, it is expressly agreed that neither Employee nor any beneficiary of Employee shall have any right with respect to or claim against such policy except as expressly provided by the terms of such policy. Such policy shall not be deemed to be held under any trust for the benefit of Employee or his beneficiaries or to be held in any way collateral security for the fulfilling of the obligations of the Company under this Agreement, except as may be expressly provided by the terms of such policy and shall be, and remain, a general, unpledged, un-restricted asset of the company. Notwithstanding the foregoing, the Company may contribute assets, including but not limited to insurance policies, to a trust designed to provide the Employee with psychological comfort and reassurance (but not providing the Employee with any interest in said trust other than as a general unsecured creditor of the Company) that the benefits provided in this Agreement will be paid to the Employee.

Agreement Unfunded. This Agreement is established and shall be maintained on an unfunded basis and shall not be construed to require the Company or any subsidiary thereof to fund any of the amounts payable under this Agreement or to establish, set aside or earmark any special or separate fund, or to make any other segregation of assets, to assure the payment or satisfaction of any obligations under this Agreement or specifically for payments under this Agreement. Amounts payable hereunder shall be paid solely from the general assets of the Company. The account established hereunder is for bookkeeping purposes only. If the Company or any of its subsidiaries decides to establish any advance accrued reserve on its books against the future expense of paying amounts payable hereunder, or if the Company or any such subsidiary determines to fund a trust with respect to this Agreement, such reserve or trust shall not under any circumstances be deemed to be an asset of this Agreement. To the extent that you or any person acquires a right to receive payments from the Company under this Agreement, such right shall rank pari passu with the rights of unsecured general creditors of the Company.

Agreement Unfunded. Section 12.01 The obligations of the Company under this Agreement at all times shall be entirely unfunded and no provision shall at any time be made with respect to segregating assets of the Company for payment of any benefits hereunder. The Executive shall not have any interest in any particular asset of the Company by reason of the right to receive a benefit under this Agreement and the Executive shall have only the rights of a general unsecured creditor of the Company with respect to his rights under this Agreement.