Common use of Source of Benefits Clause in Contracts

Source of Benefits. A. All benefits payable pursuant to this Agreement shall be paid from the general assets of the Bank and the Bank shall be under no obligation to segregate any of its assets in connection with the Agreement benefits nor to fund or otherwise secure its obligation to pay such benefits. B. If the Bank elects to provide for the payment of its obligations hereunder through the purchase of any contract of insurance, any investment product or the establishment of a trust or otherwise, neither the Director nor any Beneficiary who acquires a right to receive payments hereunder shall have rights or interest in any such contract, product, trust or other arrangement greater than those of an unsecured general creditor of the Bank. C. All amounts of compensation deferred under the Agreement, all property and rights purchased with such amounts, and all income attributable to such amount, property or rights, shall remain, until made available to the Director or the Director's Beneficiary, solely the property and rights of the Bank, without being restricted to the provision of benefits under the Agreement, subject only to the claims of the general creditors of the Bank.

Source of Benefits. A. All benefits payable pursuant to this Agreement shall be paid from the general assets of the Bank and the Bank shall be under no obligation to segregate any of its assets in connection with the Agreement benefits nor to fund or otherwise secure its obligation to pay such benefits. B. If the Bank elects to provide for the payment of its obligations hereunder through the purchase of any contract of insurance, any investment product or the establishment of a trust or otherwise, neither the Director Employee nor any Beneficiary who acquires a right to receive payments hereunder shall have rights or interest in any such contract, product, trust or other arrangement greater than those of an unsecured general creditor of the Bank. C. All amounts of compensation deferred under the Agreement, all property and rights purchased with such amounts, and all income attributable to such amount, property or rights, shall remain, until made available to the Director Employee or the DirectorEmployee's Beneficiary, solely the property and rights of the Bank, without being restricted to the provision of benefits under the Agreement, subject only to the claims of the general creditors of the Bank.