Common use of Right To Determine Funding Methods Clause in Contracts

Right To Determine Funding Methods. The Employer reserves the right to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment of the amounts which may be payable to the Executive or the Executive’s beneficiaries under the terms of this Agreement. In the event that the Employer elects to fund this Agreement, in whole or in part, through the use of life insurance or annuities, or both, the Employer shall determine the ownership and beneficial interests of any such policy of life insurance or annuity. The Employer further reserves the right, in its sole and absolute discretion, to terminate any such policy, and any other device used to fund its obligations under this Agreement, at any time, in whole or in part. Consistent with Paragraph 9 below, neither the Executive nor the Executive’s beneficiaries shall have any right, title or interest in or to any funding source or amount utilized by the Employer pursuant to this Agreement, and any such funding source or amount shall not constitute security for the performance of the Employer’s obligations pursuant to this Agreement. In connection with the foregoing, the Executive agrees to execute such documents and undergo such medical examinations or tests which the Employer may request and which may be reasonably necessary to facilitate any funding for this Agreement including, without limitation, the Employer’s acquisition of any policy of insurance or annuity. Furthermore, a refusal by the Executive to consent to, participate in and undergo any such medical examinations or tests shall result in the immediate termination of this Agreement and the immediate forfeiture by the Executive and the Executive’s beneficiaries of any and all rights to payment hereunder.

Right To Determine Funding Methods. The Employer Bank reserves the right to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment of the amounts which may be payable to the Executive Director, the Director's spouse or the Executive’s Director's beneficiaries under the terms of this Agreement. In the event that the Employer Bank elects to fund this Agreement, in whole or in part, through the use of life insurance or annuities, or both, the Employer Bank shall determine the ownership and beneficial interests of any such policy of life insurance or annuity. The Employer Bank further reserves the right, in its sole and absolute discretion, to terminate any such policy, and any other device used to fund its obligations under this Agreement, at any time, in whole or in part. Consistent with Paragraph 9 below, neither the Executive Director, the Director's spouse nor the Executive’s Director's beneficiaries shall have any right, title or interest in or to any funding source or amount utilized by the Employer Bank pursuant to this Agreement, and any such funding source or amount shall not constitute security for the performance of the Employer’s Bank's obligations pursuant to this Agreement. In connection with the foregoing, the Executive Director agrees to execute such documents and undergo such medical examinations or tests which the Employer Bank may request and which may be reasonably necessary to facilitate any funding for this Agreement including, without limitation, the Employer’s Bank's acquisition of any policy of insurance or annuity. Furthermore, a refusal by the Executive Director to consent to, participate in and undergo any such medical examinations or tests shall result in the immediate termination of this Agreement and the immediate forfeiture by the Executive Director, the Director's spouse and the Executive’s Director's beneficiaries of any and all rights to payment hereunder.

Right To Determine Funding Methods. The Employer Bank reserves the right to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment of the amounts which may be payable to the Executive Director, the Director’s spouse or the ExecutiveDirector’s beneficiaries under the terms of this Agreement. In the event that the Employer Bank elects to fund this Agreement, in whole or in part, through the use of life insurance or annuities, or both, the Employer Bank shall determine the ownership and beneficial interests of any such policy of life insurance or annuity. The Employer Bank further reserves the right, in its sole and absolute discretion, to terminate any such policy, and any other device used to fund its obligations under this Agreement, at any time, in whole or in part. Consistent with Paragraph 9 below, neither the Executive Director, the Director’s spouse nor the ExecutiveDirector’s beneficiaries shall have any right, title or interest in or to any funding source or amount utilized by the Employer Bank pursuant to this Agreement, and any such funding source or amount shall not constitute security for the performance of the EmployerBank’s obligations pursuant to this Agreement. In connection with the foregoing, the Executive Director agrees to execute such documents and undergo such medical examinations or tests which the Employer Bank may request and which may be reasonably necessary to facilitate any funding for this Agreement including, without limitation, the EmployerBank’s acquisition of any policy of insurance or annuity. Furthermore, a refusal by the Executive Director to consent to, participate in and undergo any such medical examinations or tests shall result in the immediate termination of this Agreement and the immediate forfeiture by the Executive Director, the Director’s spouse and the ExecutiveDirector’s beneficiaries of any and all rights to payment hereunder.

Right To Determine Funding Methods. The Employer Bank reserves the right to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment of the amounts which may be payable to the Executive Director, the Director's spouse or the Executive’s Director's beneficiaries under the terms of this Agreement. In the event that the Employer Bank elects to fund this Agreement, in whole or in part, through the use of life insurance or annuities, or both, the Employer Bank shall determine the ownership and beneficial interests of any such policy of life insurance or annuity. The Employer Bank further reserves the right, in its sole and absolute discretion, to terminate any such policy, and any other device used to fund its obligations under this Agreement, at any time, in whole or in part. Consistent with Paragraph 9 below, neither the Executive Director, the Director's spouse nor the Executive’s Director's beneficiaries shall have any right, title or interest in or to any funding source or amount utilized by the Employer Bank pursuant to this Agreement, and any such funding source or amount shall not constitute security for the performance of the Employer’s Bank's obligations pursuant to this Agreement. In connection with the foregoing, the Executive Director agrees to execute such documents and undergo such medical examinations or tests which the Employer Bank may request and which may be reasonably necessary to facilitate any funding for this Agreement including, without limitation, the Employer’s Bank's acquisition of any policy of insurance or annuity. Furthermore, a refusal by the Executive Director to consent to, participate in and undergo any such medical examinations or tests shall result in the immediate termination of this Agreement and the 36 immediate forfeiture by the Executive Director, the Director's spouse and the Executive’s Director's beneficiaries of any and all rights to payment hereunder.

Right To Determine Funding Methods. The Employer reserves the right to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment of the amounts which may be payable to the Executive or the Executive’s beneficiaries under the terms of this Agreement. In the event that the Employer elects to fund this Agreement, in whole or in part, through the use of life insurance or annuities, or both, the Employer shall determine the ownership and beneficial interests of any such policy of life insurance or annuity. The Employer further reserves the right, in its sole and absolute discretion, to terminate any such policy, and any other device used to fund its obligations under this Agreement, at any time, in whole or in part. Consistent with Paragraph 9 below, neither the Executive Executive, the Executive’s spouse nor the Executive’s beneficiaries shall have any right, title or interest in or to any funding source or amount utilized by the Employer pursuant to this Agreement, and any such funding source or amount shall not constitute security for the performance of the Employer’s obligations pursuant to this Agreement. In connection with the foregoing, the Executive agrees to execute such documents and undergo such medical examinations or tests which the Employer may request and which may be reasonably necessary to facilitate any funding for this Agreement including, without limitation, the Employer’s acquisition of any policy of insurance or annuity. Furthermore, a refusal by the Executive to consent to, participate in and undergo any such medical examinations or tests shall result in the immediate termination of this Agreement and the immediate forfeiture by the Executive and the Executive’s beneficiaries of any and all rights to payment hereunder.

Right To Determine Funding Methods. The Employer Bank reserves the right to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment of the amounts which may be payable to the Executive Director, the Director’s spouse or the ExecutiveDirector’s beneficiaries under the terms of this Agreement. In the event that the Employer Bank elects to fund fluid this Agreement, in whole or in part, through the use of life insurance or annuities, or both, the Employer Bank shall determine the ownership and beneficial interests of any such policy of life insurance or annuity. The Employer Bank further reserves the right, in its sole and absolute discretion, to terminate any such policy, and any other device used to fund fluid its obligations under this Agreement, at any time, in whole or in part. Consistent with Paragraph 9 below, neither the Executive Director, the Director’s spouse nor the ExecutiveDirector’s beneficiaries shall have any right, title or interest in or to any funding finding source or amount utilized by the Employer Bank pursuant to this Agreement, and any such funding source or amount shall not constitute security for the performance of the EmployerBank’s obligations pursuant to this Agreement. In connection with the foregoing, the Executive Director agrees to execute such documents and undergo such medical examinations or tests which the Employer Bank may request and which may be reasonably necessary to facilitate any funding for this Agreement including, without limitation, the EmployerBank’s acquisition of any policy of insurance or annuity. Furthermore, a refusal by the Executive Director to consent to, participate in and undergo any such medical examinations or tests shall result in the immediate termination of this Agreement and the immediate forfeiture by the Executive Director, the Director’s spouse and the ExecutiveDirector’s beneficiaries of any and all rights to payment hereunder.

Right To Determine Funding Methods. The Employer Bank reserves the right to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment of the amounts which may be maybe payable to the Executive Director, the Director's spouse or the Executive’s Director's beneficiaries under the terms of this Agreement. In the event that the Employer Bank elects to fund this Agreement, in whole or in part, through the use of life insurance or annuities, or both, the Employer Bank shall determine the ownership and beneficial interests of any such policy of life insurance or annuity. The Employer Bank further reserves the right, in its sole and absolute discretion, to terminate any such policy, and any other device used to fund its obligations under this Agreement, at any time, in whole or in part. Consistent with Paragraph 9 below, neither the Executive Director, the Director's spouse nor the Executive’s Director's beneficiaries shall have any right, title or interest in or to any funding source or amount utilized by the Employer Bank pursuant to this Agreement, and any such funding source or amount shall not constitute security for the performance of the Employer’s Bank's obligations pursuant to this Agreement. In connection with the foregoing, the Executive Director agrees to execute such documents and undergo such medical examinations or tests which the Employer Bank may request and which may be reasonably necessary to facilitate any funding for this Agreement including, without limitation, the Employer’s Bank's acquisition of any policy of insurance or annuity. Furthermore, a refusal by the Executive Director to consent to, participate in and undergo any such medical examinations or tests shall result in the immediate termination of this Agreement and the immediate forfeiture by the Executive Director, the Director's spouse and the Executive’s Director's beneficiaries of any and all rights to payment hereunder.

Right To Determine Funding Methods. The Employer Bank reserves the right to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment of the amounts which may be payable to the Executive Director, the Director’s spouse or the ExecutiveDirector’s beneficiaries under the terms of this Agreement. In the event that the Employer Bank elects to fund hind this Agreement, in whole or in part, through the use of life insurance or annuities, or both, the Employer Bank shall determine the ownership and beneficial interests of any such policy of life insurance or annuity. The Employer Bank further reserves the right, in its sole and absolute discretion, to terminate any such policy, and any other device used to fund its obligations under this Agreement, at any time, in whole or in part. Consistent with Paragraph 9 below, neither the Executive Director, the Director’s spouse nor the ExecutiveDirector’s beneficiaries shall have any right, title or interest in or to any funding source or amount utilized by the Employer Bank pursuant to this Agreement, and any such funding source or amount shall not constitute security for the performance of the EmployerBank’s obligations pursuant to this Agreement. In connection with the foregoing, the Executive Director agrees to execute such documents and undergo such medical examinations or tests which the Employer Bank may request and which may be reasonably necessary to facilitate any funding for this Agreement including, without limitation, the EmployerBank’s acquisition of any policy of insurance or annuity. Furthermore, a refusal by the Executive Director to consent to, participate in and undergo any such medical examinations or tests shall result in the immediate termination of this Agreement and the immediate forfeiture by the Executive Director, the Director’s spouse and the ExecutiveDirector’s beneficiaries of any and all rights to payment hereunder.

Right To Determine Funding Methods. The Employer Bank reserves the right to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment of the amounts which may be payable to the Executive Director or as applicable the Executive’s Director's spouse or beneficiaries under the terms of this Agreement. In the event that the Employer Bank elects to fund this Agreement, in whole or in part, through the use of life insurance or annuities, or both, the Employer Bank shall determine the ownership and beneficial interests of any such policy of life insurance or annuity. The Employer Bank further reserves the right, in its sole and absolute discretion, to terminate any such policy, and any other device used to fund its obligations under this Agreement, at any time, in whole or in part. Consistent with Paragraph 9 below, neither the Executive Director, the Director's spouse nor the Executive’s Director's beneficiaries shall have any right, title or interest in or to any funding source or amount utilized by the Employer Bank pursuant to this Agreement, and any such funding source or amount shall not constitute security for the performance of the Employer’s Bank's obligations pursuant to this Agreement. In connection with the foregoing, the Executive Director agrees to execute such documents and undergo such medical examinations or tests which the Employer Bank may request and which may be reasonably necessary to facilitate any funding for this Agreement including, without limitation, the Employer’s Bank's acquisition of any policy of insurance or annuity. Furthermore, a refusal by the Executive Director to consent to, participate in and undergo any such medical examinations or tests shall result in the immediate termination of this Agreement and the immediate forfeiture by the Executive Director, or as applicable, the Director's spouse and the Executive’s beneficiaries of any and all rights to payment hereunder.

Right To Determine Funding Methods. The Employer reserves the right to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment of the amounts which may be payable to the Executive or the Executive’s beneficiaries under the terms of this Agreement. In the event that the Employer elects to fund this Agreement, in whole or in part, through the use of life insurance or annuities, or both, the Employer shall determine the ownership and beneficial interests of any such policy of life insurance or annuity. The Employer further reserves the right, in its sole and absolute discretion, to terminate any such policy, and any other device used to fund its obligations under this Agreement, at any time, in whole or in part. Consistent with Paragraph 9 Article 13 below, neither the Executive Executive, the Executive’s spouse nor the Executive’s beneficiaries shall have any right, title or interest in or to any funding source or amount utilized by the Employer pursuant to this Agreement, and any such funding source or amount shall not constitute security for the performance of the Employer’s obligations pursuant to this Agreement. In connection with the foregoing, the Executive agrees to execute such documents and undergo such medical examinations or tests which the Employer may request and which may be reasonably necessary to facilitate any funding for this Agreement including, without limitation, the Employer’s acquisition of any policy of insurance or annuity. Furthermore, a refusal by the Executive to consent to, participate in and undergo any such medical examinations or tests shall result in the immediate termination of this Agreement and the immediate forfeiture by the Executive and the Executive’s beneficiaries of any and all rights to payment hereunder.

Right To Determine Funding Methods. The Employer Bank reserves the right to determine, in its sole and absolute discretion, whether, to what extent and by what method, if any, to provide for the payment of the amounts which may be payable to the Executive Director, the Director’s spouse or the ExecutiveDirector’s beneficiaries under the terms of this Agreement. In the event that the Employer Bank elects to fund this Agreement, Agreement in whole or in part, through the use of life insurance or annuities, or both, the Employer Bank shall determine the ownership and beneficial interests of any such policy of life insurance or annuity. The Employer Bank further reserves the right, in its sole and absolute discretion, to terminate any such policy, and any other device used to fund its obligations under this Agreement, at any time, in whole or in part. part Consistent with Paragraph 9 below, neither the Executive Director, the Director’s spouse nor the ExecutiveDirector’s beneficiaries shall have any right, title or interest in or to any funding source or amount utilized by the Employer Bank pursuant to this Agreement, Agreement and any such funding source or amount shall not constitute security for the performance of the EmployerBank’s obligations pursuant to this Agreement. In connection with the foregoing, the Executive Director agrees to execute such documents and undergo such medical examinations or tests which the Employer Bank may request and which may be reasonably necessary to facilitate any funding for this Agreement including, without limitation, the EmployerBank’s acquisition of any policy of insurance or annuity. Furthermore, a refusal by the Executive Director to consent to, to participate in and undergo any such medical examinations or tests shall result in the immediate termination of this Agreement and the immediate forfeiture by the Executive Director, the Director’s spouse and the ExecutiveDirector’s beneficiaries of any and all rights to payment hereunder.