Common use of RESTRICTIONS UPON FUNDING Clause in Contracts

RESTRICTIONS UPON FUNDING. The Association shall have no obligation to set aside, earmark or entrust any fund or money with which to pay its obligations under this Agreement. Executive, his Beneficiaries or any successor in interest to him shall be and remain simply a general creditor of the Association in the same manner as any other creditor having a general claim for matured and unpaid compensation. The Association reserves the absolute right, at its sole discretion, to either fund the obligations undertaken by this Agreement or to refrain from funding the same and to determine the extent, nature, and method of such informal funding. Should the Association elect to fund this Agreement, in whole or in part, through the purchase of life insurance, disability policies or annuities, the Association reserves the absolute right, in its sole discretion, to terminate such funding at any time, in whole or in part. At no time shall Executive be deemed to have any lien nor right, title or interest in or to any specific funding investment or to any assets of the Association. If the Association elects to invest in a life insurance, disability or annuity policy upon the life of Executive, then Executive shall assist the Association by freely submitting to a physical examination and supplying such additional information necessary to obtain such insurance or annuities.

RESTRICTIONS UPON FUNDING. The Association Company shall have no obligation to set aside, earmark or entrust any fund or money with which to pay its obligations under this Agreement. The Executive, his Beneficiaries or any successor in interest to him shall be and remain simply a general creditor of the Association Company in the same manner as any other creditor having a general claim for matured and unpaid compensation. The Association Company reserves the absolute right, at its sole discretion, to either fund the obligations undertaken by this Agreement or to refrain from funding the same and to determine the extent, nature, and method of such informal funding. Should the Association Company elect to fund this Agreement, in whole or in part, through the purchase of life insurance, disability policies or annuities, the Association Company reserves the absolute right, in its sole discretion, to terminate such funding at any time, in whole or in part. At no time shall Executive be deemed to have any lien nor right, title or interest in or to any specific funding investment or to any assets of the AssociationCompany. If the Association Company elects to invest in a life insurance, disability or annuity policy upon the life of the Executive, then Executive shall assist the Association Company by freely submitting to a physical examination and supplying such additional information necessary to obtain such insurance or annuities.