Source of Benefit Payments. The amount of any benefit payable under -------------------------- this Agreement shall be paid from the general assets of the Company. Neither the Executive nor any other person shall acquire by reason of this Agreement any right in or title to any assets, funds or property of the Company whatsoever, including, without limiting the generality of the foregoing, any specific funds, assets, or other property which the Company, in its sole discretion, may set aside in anticipation of a liability under this Agreement. The Executive shall have only a contractual right to the amounts, if any, payable under this Agreement, unsecured by any assets of the Company. Nothing contained in this Agreement shall constitute a guarantee by the Company that the assets of the Company shall be sufficient to pay any benefits to any person.
Source of Benefit Payments. All benefits payable under this Plan shall be paid by the Vendor pursuant to the Annuities. The District shall have no liability or responsibility for benefits other than to pay premiums on the Annuities and to carry out other administrative responsibilities described in this Plan.
Source of Benefit Payments. 4. Section 4 is amended by deleting the clause "Unless there is a Change in Control of the Company," at the beginning of the first paragraph thereof and by capitalizing the first letter of the word "this" which appears after such clause.
Source of Benefit Payments. Unless there is a Change in Control of the Company, this benefit shall be paid by the Company from its general assets or by a trust established for the specific purpose of paying such benefit. No person shall have any right, interest or claim whatsoever to the payment of this benefit from any person whomsoever other than Company or such trust established for such purpose, and no person shall have any right, interest or claim whatsoever to the payment of this benefit which is superior in any manner to the right, interest, or claim of any other general and unsecured creditor of the Company. If a "Change of Control" does occur, all benefits accrued to date become immediately vested and Executive in his discretion exercised at any time thereafter may require the Company on behalf of Executive to place in a grantor trust, of the type and with the terms and conditions of the Trust attached as Exhibit B hereto, an amount of money which is equal to the present value of Executive's benefits accrued to date and, on an annual basis thereafter, shall make additional contributions for any additional benefit accruals of Executive. The value is to be determined by an actuary (qualified to function as an actuary under the Employee Retirement Income Security Act (ERISA)) using the following assumptions: Interest Discount 7% Mortality 1983 GAM Cost of Living Increase for Social Security Benefits 3% A delay by Executive in the making of a request for a trust shall in no way compromise or invalidate Executive's rights with respect thereto, and Company shall promptly honor such request once made. Any assets transferred to a trust pursuant to a Change of Control will be irrevocably committed to paying benefits under this Agreement and, in no event, can any assets of such trust revert to the Company. The Executive can request immediate payment from the trustee of any amounts necessary to cover the payment of taxes which are due from the Executive as a result of the transfer of assets to the trust or as a result of investment income earned by such trust.
Source of Benefit Payments. It is a condition of this Plan, and each Employee by participating herein expressly agrees, that he shall look solely to the mutual fund shares in the Custodial Account for the payment of any benefit to which he is entitled under the Plan.
Source of Benefit Payments
