Liability for Benefit Payments Sample Clauses

Liability for Benefit Payments. The Company shall remain primarily liable to pay Benefits under the Participating Plans. However, the Company's liability under the Participating Plans shall be reduced or offset to the extent Benefit payments are made from the Trust.
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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.
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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.
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Liability for Benefit Payments. 20 SECTION 21 Company Insolvency............................................................................. 21
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Liability for Benefit Payments. 20 Section 21. Company Insolvency.............................. 21 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...... 25 Section 26. Rights of Company to Trust Assets............... 25 Section 27.
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Related to Liability for Benefit Payments

  • Eligibility for Benefits 1. Sick Leave Bank benefits are available only when the member personally has a severe medical hardship (catastrophic illness or serious accident). 2. Benefits can be received only after all accumulated sick leave and vacation days have been exhausted. 3. Any member receiving Worker's Compensation or disability benefits shall not be eligible to receive benefits from the Sick Leave Bank. 4. A member who is on leave of absence, suspended, or terminated from the Xxxxxxx County Board of Education shall not be eligible for Sick Leave Bank benefits. 5. The form, entitled "Request For Sick Leave Benefits" and physician's statement are required before the SLB Review Committee will consider a request for benefits. The physician's statement shall include a history of the illness, date the illness began, a diagnosis and prognosis, and any other related information. 6. Approval by the Sick Leave Bank Review Committee is required prior to the receiving of benefits. 7. Normal pregnancies, childbirth, childcare, or child adoption shall not be considered as eligible reasons for Sick Leave Bank benefits. 8. A four (4)-member Sick Leave Bank Review Committee, consisting of two (2) members appointed by the President of the Association and two (2) appointed by the Superintendent, shall have the responsibility of receiving requests, verifying the validity of requests and approval or denial of requests. Any approval of a request must have the support of at least three (3) members of the committee Sick Leave Bank Review Committee. The Sick Leave Bank Review Committee shall develop its rules of procedure and shall give wide distribution to said rules upon approval of the President of the Association and the Superintendent.

  • Benefit Payments Benefit Payments, as referred to in this Agreement, means the sum of (i) Claims, as described in Xxxxxxxxx 0 xxxxx, (xx) Cash Surrender Values, as described in Paragraph 3 below, and (iii) Annuity Payments, as described in Paragraph 7 below.

  • Application for Benefits Requests for short-term leaves shall be in writing, upon the appropriate form prescribed and provided by the District, and shall be filed with the unit member's supervisor and the appropriate manager five (5) days in advance of the intended leave (except in emergency situations), unless otherwise stated by the provisions of the specific leave.

  • Tax Benefit Payments Section 3.01. Payments 9 Section 3.02. No Duplicative Payments 10

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Other Compensation or Benefits You acknowledge that, except as expressly provided in this Agreement, you will not receive any additional compensation, severance or benefits after the Separation Date.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • REFUND OF UNEARNED COMPENSATION The Party of the Second Part agrees to refund the Party of the First Part any compensation received for which no services were rendered. TERMINATION: This contract may be terminated by either party pursuant to law. OTHER CONDITIONS: Any subsequent contracts shall supersede the provisions of this contract. PARTIES: The Fort Xxxxx School District 100, Party of the First Part, and XXXXX XXXXX XXXXX Party of the Second Part, agree as follows:

  • Other Employment Benefits During the Employment Term, the Executive shall be entitled to the following employment benefits: (a) four (4) weeks of paid vacation in each fiscal year of EDGEN while the Executive is employed hereunder (one week of which, if not used by the Executive in any given fiscal year, may be carried over to the next fiscal year; provided, that the Executive shall not have more than five (5) weeks of paid vacation in any given fiscal year as a result of such carry over), and sick leave in accordance with EDGEN’s policies from time to time in effect for executive officers of EDGEN; provided, that, except as provided herein, vacation and/or sick leave time not used in any year may not be carried over or transferred from one year to another or converted to cash, except in a year in which there is a Change of Control (as hereinafter defined) where the Executive is no longer employed; (b) participation, subject to qualification requirements, in medical, life or other insurance or hospitalization plans and long-term disability policies which are presently in effect or hereinafter instituted by EDGEN and applicable to its executive officers generally; (c) participation, subject to classification requirements and continued maintenance thereof by EDGEN in other Executive benefit plans, such as pension and profit sharing plans, which are from time to time applicable to EDGEN’s executive officers generally; (d) an automobile allowance of $1,200 per month, which shall be used by the Executive to cover all lease and insurance payments with respect to one automobile of the Executive’s choice for business purposes, which automobile’s retail value shall not exceed $75,000. The Executive shall provide proof of insurance in limits and with a company approved by EDGEN. EDGEN shall also be listed as a “named insured” under the policy. EDGEN shall reimburse the Executive, upon the presentation of appropriate receipts, for all reasonable and necessary maintenance, repair and gasoline costs incurred by the Executive in connection with the use of such automobile; provided, that such costs are directly related to the performance by the Executive of his obligations to EDGEN and/or to Parent hereunder; (e) EDGEN shall purchase (subject to the insurability of the Executive at standard rates) a life insurance policy in the amount of $1,000,000 on the life of the Executive to provide benefits under Section 5.2 (b) hereof; and (f) a supplemental payment of $9500 per annum (the “Supplemental Payment”), which shall be paid in accordance with EDGEN’s customary payroll practices which are in effect from time to time during the Employment Term.

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