Common use of Benefits Not Funded Clause in Contracts

Benefits Not Funded. This Agreement represents a contractual ------------------- promise to pay by the Association, assuming satisfaction by Executive of the requirements herein, and that said promise to pay is not represented by notes or secured or funded in any way. If the Association, solely at its own discretion, shall acquire a life insurance or annuity contract or any other asset in connection with the liabilities assumed by it hereunder, it is expressly agreed that neither Executive nor any Beneficiary hereunder shall have any right with respect to, or claim against, such contract or other asset. Such contract or other asset shall not be held in any way as collateral security for the fulfilling of the obligations of the Association under this Agreement. Such contract or other asset shall be and remain a general, unpledged, unrestricted asset of the Association. Executive may unilaterally change the person or persons who are to receive payments hereunder following his death, including provisions for payment to a Trust or Trusts, notwithstanding any other provision hereof, by written instrument executed by him and delivered to the Association during Executive lifetime.

Benefits Not Funded. This Agreement represents a contractual ------------------- promise to pay by the AssociationBank, assuming satisfaction by the Executive of the requirements herein, and that said promise to pay is not represented by notes or secured or funded in any way. If the AssociationBank, solely at its own discretion, shall acquire a life insurance or annuity contract or any other asset in connection with the liabilities assumed by it hereunder, it is expressly agreed that neither the Executive nor any Beneficiary hereunder shall have any right with respect to, or claim against, such contract or other asset. Such contract or other asset shall not be held in any way as collateral security for the fulfilling of the obligations of the Association Bank under this Agreement. Such contract or other asset shall be and remain a general, unpledged, unpledged and unrestricted asset of the AssociationBank. The Executive may unilaterally change the person or persons who are to receive payments hereunder following his death, including provisions for payment to a Trust trust or Truststrusts, notwithstanding any other provision hereof, by written instrument executed by him and delivered to the Association Bank during Executive the Executive’s lifetime.