Common use of Financing of Benefits Clause in Contracts

Financing of Benefits. All benefits under this Agreement shall --------- --------------------- be provided out of the general assets of the Bank at the time such benefits are to be paid. The parties agree that the Bank is under no obligation to set aside funds in advance of the time for payment hereunder, or to otherwise provide security for its obligations under this Agreement. The Director, the Director's Beneficiaries, and any successor in interest shall be and remain a general creditor of the Bank with respect to any benefits due under this Agreement, in the same manner as any other creditor having a general claim for matured and unpaid compensation. The Bank reserves the absolute right in its sole discretion to either fund the obligations undertaken by this Agreement or to refrain from funding the same and if funded, to determine the extent, nature, and method of such funding. Should the Bank elect to fund this Agreement, in whole or in part, through the purchase of life insurance, certificates of deposit, 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 Director be deemed to have any lien upon or right, title or interest in or to any specific funding investment or to any assets of the Bank.

Financing of Benefits. All benefits under this Agreement shall --------- --------------------- be provided out of the general assets of the Bank at the time such benefits are to be paid. The parties agree that the Bank is under no obligation to set aside funds in advance of the time for payment hereunder, or to otherwise provide security for its obligations under this Agreement. The DirectorExecutive, the DirectorExecutive's Beneficiaries, and any successor in interest shall be and remain a general creditor creditors of the Bank with respect to any benefits due under this Agreement, in the same manner as any other creditor having a general claim for matured and unpaid compensation. The Bank reserves the absolute right in its sole discretion to either fund the obligations undertaken by this Agreement or to refrain from funding the same and if funded, to determine the extent, nature, and method of such funding. Should the Bank elect to fund this Agreement, in whole or in part, through the purchase of life insurance, certificates of deposit, 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 Director Executive be deemed to have any lien upon or right, title or interest in or to any specific funding investment or to any assets of the Bank.

Financing of Benefits. All benefits under this Agreement shall --------- --------------------- shall be provided out of the general assets of the Bank at the time such benefits are to be paid. The parties agree that the Bank is under no obligation to set aside funds in advance of the time for payment hereunder, or to otherwise provide security for its obligations under this Agreement. The Director, the Director's Beneficiaries, and any successor in interest shall be and remain a general creditor of the Bank with respect to any benefits due under this Agreement, in the same manner as any other creditor having a general claim for matured and unpaid compensation. The Bank reserves the absolute right in its sole discretion to either fund the obligations undertaken by this Agreement or to refrain from funding the same and if funded, to determine the extent, nature, and method of such funding. Should the Bank elect to fund this Agreement, in whole or in part, through the purchase of life insurance, certificates of deposit, 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 Director be deemed to have any lien upon or right, title or interest in or to any specific funding investment or to any assets of the Bank.

Financing of Benefits. All benefits under this Agreement shall --------- --------------------- shall be provided out of the general assets of the Bank at the time such benefits are to be paid. The parties agree that the Bank is under no obligation to set aside funds in advance of the time for payment hereunder, or to otherwise provide security for its obligations under this Agreement. The DirectorExecutive, the DirectorExecutive's Beneficiaries, and any successor in interest shall be and remain a general creditor creditors of the Bank with respect to any benefits due under this Agreement, in the same manner as any other creditor having a general claim for matured and unpaid compensation. The Bank reserves the absolute right in its sole discretion to either fund the obligations undertaken by this Agreement or to refrain from funding the same and if funded, to determine the extent, nature, and method of such funding. Should the Bank elect to fund this Agreement, in whole or in part, through the purchase of life insurance, certificates of deposit, 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 Director Executive be deemed to have any lien upon or right, title or interest in or to any specific funding investment or to any assets of the Bank.

Financing of Benefits. All benefits under this Agreement ---------- --------------------- shall --------- --------------------- be provided out of the general assets of the Bank at the time such benefits are to be paid. The parties agree that the Bank is under no obligation to set aside funds in advance of the time for payment hereunder, or to otherwise provide security for its obligations under this Agreement. The DirectorExecutive, the DirectorExecutive's Beneficiaries, and any successor in interest shall be and remain a general creditor creditors of the Bank with respect to any benefits due under this Agreement, in the same manner as any other creditor having a general claim for matured and unpaid compensation. The Bank reserves the absolute right in its sole discretion to either fund the obligations undertaken by this Agreement or to refrain from funding the same and if funded, to determine the extent, nature, and method of such funding. Should the Bank elect to fund this Agreement, in whole or in part, through the purchase of life insurance, certificates of deposit, 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 Director Executive be deemed to have any lien upon or right, title or interest in or to any specific funding investment or to any assets of the Bank.

Financing of Benefits. All benefits under this Agreement shall --------- --------------------- be provided out of the general assets of the Bank at the time such benefits are to be paid. The parties agree that the Bank is under no obligation to set aside funds in advance of the time for payment hereunder, or to otherwise provide security for its obligations under this Agreement. The DirectorExecutive, the DirectorExecutive's Beneficiaries, and any successor in interest shall be and remain a general creditor of the Bank with respect to any benefits due under this Agreement, in the same manner as any other creditor having a general claim for matured and unpaid compensation. The Bank reserves the absolute right in its sole discretion to either fund the obligations undertaken by this Agreement or to refrain from funding the same and if funded, to determine the extent, nature, and method of such funding. Should the Bank elect to fund this Agreement, in whole or in part, through the purchase of life insurance, certificates of deposit, 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 Director Executive be deemed to have any lien upon or right, title or interest in or to any specific funding investment or to any assets of the Bank.

Financing of Benefits. All benefits under this Agreement shall --------- --------------------- be provided out of the general assets of the Bank at the time such benefits are to be paid. The parties agree that the Bank is under no obligation to set aside funds in advance of the time for payment hereunder, or to otherwise provide security for its obligations under this Agreement. The DirectorDirectors, the Director's Directors' Beneficiaries, and any successor in interest shall be and remain a general creditor creditors of the Bank with respect to any benefits due under this Agreement, in the same manner as any other creditor having a general claim for matured and unpaid compensation. The Bank reserves the absolute right in its sole discretion to either fund the obligations undertaken by this Agreement or to refrain from funding the same and if funded, to determine the extent, nature, and method of such funding. Should the Bank elect to fund this Agreement, in whole or in part, through the purchase of life insurance, certificates of deposit, 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 Director Directors be deemed to have any lien upon or right, title or interest in or to any specific funding investment or to any assets of the Bank.