Liability for Benefit Payments Clause Samples
Liability for Benefit Payments. The Company shall remain primarily liable to pay Supplemental Benefits under the Participating Plans. However, the Company's liability under the Participating Plans shall be reduced or offset to the extent Supplemental Benefit payments are made from the Trust.
Liability for Benefit Payments. The amount of any benefit payable under this Agreement shall be paid from the general assets of Axis; provided, however, that Axis, in its sole discretion, may provide for other methods of payment, including, but not limited to, funding through a trust or through the purchase of insurance. Axis’ obligation under this Agreement shall be reduced to the extent that any amounts due under the Agreement are paid from one or more trusts or insurance contracts. Neither the Executive nor any other person shall, by reason of this Agreement, acquire any right in or title to any assets, funds or property of Axis whatsoever, including, without limitation, any specific funds, assets, or other property which Axis, in its sole discretion, may set aside in anticipation of a liability under the Agreement. The Executive shall have only a contractual right to the amounts, if any, payable under this Agreement, unsecured by any assets of Axis. Nothing contained in this Agreement shall constitute a guarantee by Axis that the assets of Axis shall be sufficient to pay any benefits to any person. If Axis determines that this Agreement shall be subject to Part 2, 3 or 4 of Title I of the Employee Retirement Income Security Act of 1974, as amended, the balance of the Executive’s Retirement Account shall be immediately paid to the Executive in a lump sum.
Liability for Benefit Payments. The amount of any benefit payable under this Agreement shall be paid from the general assets of AXIS; provided, however, that AXIS, in its sole discretion, may provide for other methods of payment, including, but not limited to, funding through a trust or through the purchase of insurance. AXIS’ obligation under this Agreement shall be reduced to the extent that any amounts due under the Agreement are paid from one or more trusts or insurance contracts. Neither the Executive nor any other person shall, by reason of this Agreement, acquire any right in or title to any assets, funds or property of AXIS whatsoever, including, without limitation, any specific funds, assets, or other property which AXIS, in its sole discretion, may set aside in anticipation of a liability under the Agreement. The Executive shall have only a contractual right to the amounts, if any, payable under this Agreement, unsecured by any assets of AXIS. Nothing contained in this Agreement shall constitute a guarantee by AXIS that the assets of AXIS shall be sufficient to pay any benefits to any person. If AXIS determines that this Agreement shall be subject to Part 2, 3 or 4 of Title I of the Employee Retirement Income Security Act of 1974, as amended, the balance of the Executive’s Retirement Account shall be immediately paid to the Executive in a lump sum.
Liability for Benefit Payments. 20 SECTION 21 Company Insolvency............................................................................. 21
Liability for Benefit Payments. 20 Section 21. Company Insolvency............................................. 20 Section 22. Trustee Responsibility for Plan Administration and Trust Record Keeping After Change in Control............................................ 22 Section 23. Trustee Standards of Performance and Indemnification.......................................... 23 Section 24. Removal and Resignation of Trustee............................. 24 Section 25. Termination of Participating Plan or Plans..................... 24 Section 26. Rights of Company to Trust Assets.............................. 25 Section 27.