Common use of No Funding of Severance Pay Clause in Contracts

No Funding of Severance Pay. Nothing herein contained shall require or be deemed to require the Company or a subsidiary to segregate, earmark, or otherwise set aside any funds or other assets to provide for any payments required to be made hereunder, and the rights of the terminating Executive to severance pay hereunder shall be solely those of a general, unsecured creditor of the Company. However, the Company may, in its discretion, deposit cash or property, or both, equal in value to all or a portion of the amounts anticipated to be payable hereunder for the Executive into a trust, the assets of which are to be distributed at such times as determined by the trustee of such trust; provided, that such assets shall be subject at all times to the rights of the Company's general creditors.