Common use of Funding Obligation Clause in Contracts

Funding Obligation. In the event a payment otherwise due under this Agreement is deferred under Section 1.5 and a Change of Control occurs or has occurred within two years, the performance of Key’s obligations to make such payment will be secured by amounts deposited or to be deposited in trust pursuant to the KeyCorp Rabbi Trust Agreement, or any successor trust (“Trust”), provided that any funds deposited in the Trust shall remain subject to the general creditors of Key, and the Executive will have the status of a general unsecured creditor of Key, and will have no right to, or security interest in, any assets of Key or any subsidiary of Key. Prior to the date of a Change of Control, Key shall provide the Executive and the trustee with a schedule showing the nature and amounts of the benefits that the Executive would be entitled to under Section 1.1 or Section 1.2 of this Agreement if on the date of the Change of Control the Executive’s employment was terminated under circumstances that Section 1.1 or Section 1.2 would be applicable. At the time set forth in Section 1.5 when the trust is required to make payment to the Executive, the trustee shall make such payment and perform any necessary calculation of benefits in the same manner as outlined in the schedule provided by Key to the trustee prior to the date of the Change of Control.

Funding Obligation. In the event a payment otherwise due under this Agreement is deferred under Section 1.5 1.3 and a Change of Control occurs or has occurred within two years, the performance of Key’s obligations to make such payment will be secured by amounts deposited or to be deposited in trust pursuant to the KeyCorp Rabbi Trust Agreement, or any successor trust (“Trust”), provided that any funds deposited in the Trust shall remain subject to the general creditors of Key, and the Executive will have the status of a general unsecured creditor of Key, and will have no right to, or security interest in, any assets of Key or any subsidiary of Key. Prior to the date of a Change of Control, Key shall provide the Executive and the trustee with a schedule showing the nature and amounts of the benefits that the Executive would be entitled to under Section 1.1 or Section 1.2 of this Agreement if on the date of the Change of Control the Executive’s employment was terminated under circumstances that made Section 1.1 or Section 1.2 would be applicable. At the time set forth in Section 1.5 when the trust is required to make payment to the Executive, the trustee shall make such payment and perform any necessary calculation of benefits in the same manner as outlined in the schedule provided by Key to the trustee prior to the date of the Change of Control.1.1

Funding Obligation. In the event a payment otherwise due under this Agreement is deferred under Section 1.5 7.1(h) and a Change of Control occurs or has occurred within two years, the performance of Key’s obligations to make such payment will be secured by amounts deposited or to be deposited in trust pursuant to the KeyCorp Rabbi Trust Agreement, or any successor trust (“Trust”), provided that any funds deposited in the Trust shall remain subject to the general creditors of Key, and the Executive Xxxxx will have the status of a general unsecured creditor of Key, and will have no right to, or security interest in, any assets of Key or any subsidiary of Key. Prior to the date of a Change of Control, Key shall provide the Executive Xxxxx and the trustee with a schedule showing the nature and amounts of the benefits that the Executive Xxxxx would be entitled to under Section 1.1 or Section 1.2 7.1 of this Agreement if on the date of the Change of Control the Executive’s Xxxxx’x employment was terminated under circumstances that Section 1.1 or Section 1.2 7.1 would be applicable. At the time set forth in Section 1.5 7.1(h) when the trust is required to make payment to the ExecutiveXxxxx, the trustee shall make such payment and perform any necessary calculation of benefits in the same manner as outlined in the schedule provided by Key to the trustee prior to the date of the Change of Control.

Funding Obligation. In the event a payment otherwise due under this Agreement is deferred under Section 1.5 and a Change of Control occurs or has occurred within two years, the performance of Key’s obligations to make such payment will be secured by amounts deposited or to be deposited in trust pursuant to the KeyCorp Rabbi Trust Agreement, or any successor trust (“Trust”), provided that any funds deposited in the Trust shall remain subject to the general creditors of Key, and the Executive will have the status of a general unsecured creditor of Key, and will have no right to, or security interest in, any assets of Key or any subsidiary of Key. Prior to the date of a Change of Control, Key shall provide the Executive and the trustee with a schedule showing the nature and amounts of the benefits that the Executive would be entitled to under under Section 1.1 or Section 1.2 of this Agreement if on the date of the Change of Control the Executive’s employment was terminated under circumstances that Section 1.1 or Section 1.2 would be applicable. At the time set forth in Section 1.5 when the trust is required to make payment to the Executive, the trustee shall make such payment and perform any necessary calculation of benefits in the same manner as outlined in the schedule provided by Key to the trustee prior to the date of the Change of Control.