Common use of Unfunded Agreement Clause in Contracts

Unfunded Agreement. (a) Reynxxxx' xxligation under this Agreement shall be unfunded, but Reynxxxx xxxerves the right to provide for its liability under this Agreement in any manner it deems advisable, including the purchasing of such assets (including an insurance policy or policies on Holmxx' xxfe) as it may deem necessary or proper; provided, however, that Holmxx' xxsurability or non-insurability shall in no way affect Reynxxxx' xxligations pursuant to this Agreement. Any asset so purchased by Reynxxxx xxxll be the sole property of Reynxxxx xxx shall not be deemed to provide funding of Reynxxxx' xxligations under this Agreement. (b) In the event Reynxxxx xxxermines to purchase any insurance policy or policies on Holmxx' xxfe, Holmxx xxxees to submit to such examination and to supply information as may be required by the insurer. (c) Any policy so purchased by Reynxxxx xxxll be issued so that Reynxxxx xx the sole, full, and complete owner of the policy or policies, with the right and power to exercise any and all privileges and options thereof or available under the rules of the issuing insurer without the consent of any other persons. (d) Holmxx, xxs wife, or his widow after his death, or his designated beneficiaries, personal representatives, heirs, successors and assigns shall have no claim or rights with respect to, and shall have no property or equitable interests whatsoever in, any specific funds or assets of Reynxxxx xxx shall have only the status of a general creditor with respect to Reynxxxx xxxeunder.

Unfunded Agreement. (a) Reynxxxx' xxligation under this Agreement shall be unfunded, but Reynxxxx xxxerves the right to provide for its liability under this Agreement in any manner it deems advisable, including the purchasing of such assets (including an insurance policy or policies on Holmxx' xxfe) as it may deem necessary or proper; provided, however, that Holmxx' xxsurability or non-insurability shall in no way affect Reynxxxx' xxligations pursuant to this Agreement. Any asset so purchased by Reynxxxx xxxll be the sole property of Reynxxxx xxx shall not be deemed to provide funding of Reynxxxx' xxligations under this Agreement. (b) In the event Reynxxxx xxxermines to purchase any insurance policy or policies on Holmxx' xxfe, Holmxx xxxees to submit to such examination and to supply information as may be required by the insurer. (c) Any policy so purchased by Reynxxxx xxxll be issued so that Reynxxxx xx the sole, full, and complete owner of the policy or policies, with the right and power to exercise any and all privileges and options thereof or available under the rules of the issuing insurer without the consent of any other persons. (d) Holmxx, xxs wife, or his widow after his death, or his designated beneficiaries, personal representatives, heirs, successors and assigns shall have no claim or rights with respect to, and shall have no property or equitable interests whatsoever in, any specific funds or assets of Reynxxxx xxx shall have only the status of a general creditor with respect to Reynxxxx xxxeunder.only

Unfunded Agreement. (a) Reynxxxx' xxligation under this Agreement shall be unfunded, but Reynxxxx xxxerves the right to provide for its liability under this Agreement in any manner it deems advisable, including the purchasing of such assets (including an insurance policy or policies on Holmxx' xxfeEmployee's life) as it may deem necessary or proper; provided, however, that Holmxx' xxsurability Employee's insurability or non-insurability shall in no way affect Reynxxxx' xxligations pursuant to this Agreement. Any asset so purchased by Reynxxxx xxxll be the sole property of Reynxxxx xxx shall not be deemed to provide funding of Reynxxxx' xxligations under this Agreement. (b) In the event Reynxxxx xxxermines to purchase any insurance policy or policies on Holmxx' xxfeEmployee's life, Holmxx xxxees Employee agrees to submit to such examination and to supply information as may be required by the insurer.may (c) Any policy so purchased by Reynxxxx xxxll be issued so that Reynxxxx xx the sole, full, and complete owner of the policy or policies, with the right and power to exercise any and all privileges and options thereof or available under the rules of the issuing insurer without the consent of any other persons. (d) HolmxxEmployee, xxs his wife, or his widow after his death, or his designated beneficiaries, personal representatives, heirs, successors and assigns shall have no claim or rights with respect to, and shall have no property or equitable interests whatsoever in, any specific funds or assets of Reynxxxx xxx shall have only the status of a general creditor with respect to Reynxxxx xxxeunder.

Unfunded Agreement. (a) ReynxxxxReynolds' xxligation obligation under this Agreement shall be unfunded, but Reynxxxx xxxerves Rxxxxxxx reserves the right to provide for its liability under this Agreement thix Xxxxxxent in any manner it deems advisable, including the purchasing of such assets (including an insurance policy or policies on Holmxx' xxfeEmployee's life) as it may deem necessary or proper; provided, however, that Holmxx' xxsurability Employee's insurability or non-insurability shall in no way affect ReynxxxxReynolds' xxligations obligations pursuant to this Agreement. Any asset so purchased by Reynxxxx xxxll purxxxxxx xy Reynolds shall be the sole property of Reynxxxx xxx Reynolds and shall not be deemed to dxxxxx xx provide funding of ReynxxxxReynolds' xxligations oxxxxxxxxns under this Agreement. (b) In the event Reynxxxx xxxermines Xxxxxxxs determines to purchase any insurance policy or policies on Holmxx' xxfeox Xxxxxxee's life, Holmxx xxxees Employee agrees to submit to such examination and to supply information as may be required by the insurer. (c) Any policy so purchased by Reynxxxx xxxll Reynolds shall be issued so that Reynxxxx xx Reynolds is the sole, full, and complete cxxxxxxx owner of the policy or policiespoxxxxxx, with the right and power to exercise any and all privileges and options thereof or available under the rules of the issuing insurer without the consent of any other persons. (d) HolmxxEmployee, xxs his wife, or his widow after his death, or his designated beneficiaries, personal representatives, heirs, successors and assigns shall have no claim or rights with respect to, and shall have no property or equitable interests whatsoever in, any specific funds or assets of Reynxxxx xxx Reynolds and shall have only the status of a general creditor with respect xxxxxxx to Reynxxxx xxxeunderReynolds hereunder.

Unfunded Agreement. (a) Reynxxxx' xxligation under this Agreement shall be unfunded, but Reynxxxx xxxerves Reyxxxxx xxserves the right to provide for its liability under this Agreement Xxxxxxxxt in any manner it deems advisable, including the purchasing of such assets (including an insurance policy or policies on Holmxx' xxfeEmployee's life) as it may deem necessary or proper; provided, however, that Holmxx' xxsurability Employee's insurability or non-insurability shall in no way affect ReynxxxxReynolds' xxligations obligations pursuant to this Agreement. Any asset so purchased by Reynxxxx xxxll purchxxxx xx Reynolds shall be the sole property of Reynxxxx xxx Reynolds and shall not be deemed to provide deexxx xx xrovide funding of ReynxxxxReynolds' xxligations oblxxxxxxxx under this Agreement. (b) In the event Reynxxxx xxxermines Rxxxxxxx determines to purchase any insurance policy or policies on Holmxx' xxfeXxxxxxxx's life, Holmxx xxxees Employee agrees to submit to such examination and to supply information as may be required by the insurer. (c) Any policy so purchased by Reynxxxx xxxll Reynolds shall be issued so that Reynxxxx xx Reynolds is the sole, full, and complete owner comxxxxx xxner of the policy or policiespolixxxx, with xxth the right and power to exercise any and all privileges and options thereof or available under the rules of the issuing insurer without the consent of any other persons. (d) HolmxxEmployee, xxs his wife, or his widow after his death, or his designated beneficiaries, personal representatives, heirs, successors and assigns shall have no claim or rights with respect to, and shall have no property or equitable interests whatsoever in, any specific funds or assets of Reynxxxx xxx Reynolds and shall have only the status of a general creditor with respect to Reynxxxx xxxeunderrxxxxxx xo Reynolds hereunder.