Common use of Source of Payment and Timing Clause in Contracts

Source of Payment and Timing. 12.1 All payments provided under this Agreement shall be paid in cash from the general funds of Commerce, no special or separate fund shall be required to be established and Employee shall have no right, title or interest whatsoever in or to any investment which Commerce may make to aid Commerce in meeting its obligations hereunder except to the extent that Commerce shall, in its sole and absolute discretion, choose to designate any of its rights it may have under one or more life insurance policies it may obtain to cover any of its obligations under this Agreement. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or fiduciary relationship between Commerce and Employee or any other Person. 12.2 All payments due Employee under Sections 5.1, 6.3, 7.1 or 7.2 hereof shall be made not later

Source of Payment and Timing. 12.1 All payments provided under this Agreement shall be be. paid in cash from the general funds of Commerce, no special or separate fund shall be required to be established and Employee shall have no right, title or interest whatsoever in or to any investment which Commerce may make to aid Commerce in meeting its obligations hereunder except to the extent that Commerce shall, in its sole and absolute discretion, choose to designate any of its rights it may have under one or more life insurance policies it may obtain to cover any of its obligations under this Agreement. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or fiduciary relationship between Commerce and Employee or any other Person. 12.2 All payments due Employee under Sections 5.1, 6.3, 7.1 or 7.2 hereof shall be made not laterlater than the thirtieth day following the date of termination of employment.

Source of Payment and Timing. 12.1 All payments provided under this Agreement shall be paid in cash from the general funds of Commerce, no special or separate fund shall be required to be established and Employee shall have no right, title or interest whatsoever in or to any investment which Commerce may make to aid Commerce in meeting its obligations hereunder except to the extent that Commerce shall, in its sole and absolute discretion, choose to designate any of its rights it may have under one or more life insurance policies it may obtain to cover any of its obligations under this Agreement. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or fiduciary relationship between Commerce and Employee or any other Person. 12.2 All payments due Employee under Sections 5.1, 6.3, 7.1 or 7.2 hereof shall be made not laterlater than the thirtieth day following the date of termination of employment.

Source of Payment and Timing. 12.1 All payments provided under this Agreement shall be paid in cash from the general funds of Commerce, no special or separate fund shall be required to be established and Employee Xxxxxx shall have no right, title or interest whatsoever in or to any investment which Commerce may make to aid Commerce in meeting its obligations hereunder except to the extent that Commerce shall, in its sole sale and absolute discretion, choose to designate any of its rights it may have under one or more life insurance policies it may obtain to cover any of its obligations under this Agreement. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or fiduciary relationship between Commerce and Employee Xxxxxx or any other Person.. Employment Agreement ___________ 12.2 All payments due Employee under Sections 5.1, 6.3, 7.1 or 7.2 hereof above shall be made not laterlater than the thirtieth (30th) day following the date of termination of employment.