Common use of Funding of Benefits Clause in Contracts

Funding of Benefits. Funding for any payment on behalf of the Participants under the Plan, including but not limited to, all benefits to Participants in accordance with the Plan, whether by reimbursement or participation in the Card Program, is the sole responsibility of Employer. Employer agrees to accept liability for, and provide sufficient funds to satisfy, all payments to Participants under the Plan, and all Card Transactions, including payment and reimbursement of Claims for Eligible Expenses, where such expenses are incurred and the Claim is presented for payment or reimbursement during the term of this Agreement. Administrative Agent and/or the Administrative Agent Designee reserve the right to perform an initial and/or intermittent credit review of Employer to determine Employer’s credit status. Should Employer fail to meet the criteria as established by Administrative Agent and/or the Administrative Agent Designee, in its sole discretion, Administrative Agent and/or the Admin- istrative Agent Designee may suspend Employer and Employer’s Participants’ access to the Card Plan until such time as Employer has met Administrative Agent and/or the Administrative Agent Designee criteria or has provided Administrative Agent and/or the Administrative Agent Designee with either a letter of credit or an advance deposit in an amount acceptable to Administrative Agent and/or the Administrative Agent Designee. In the event there are insufficient funds in the Plan Account to cover the payment of Card Transactions, Employer shall be assessed the Transaction Charge for each ACH returned due to insufficient funds. In addition, Administrative Agent and the Administrative Agent Designee each reserve the right to terminate access by Employer to the Card Plan by its Participants. Liability for payment of any Claim shall be the sole responsibility of Employer and in no event shall Administrative Agent or the Administrative Agent Designee be responsible for any Claims or any costs associated with Employer’s failure to meet its funding obligations under this Agreement. ADMINISTRATIVE AGENT COMPENSATION