Unfunded Nature of the Agreement Sample Clauses

Unfunded Nature of the Agreement. Xxxx will not be required to purchase, hold or dispose of any investments with respect to amounts credited to the Account of Employee, including Compensation Credits or Share Units. Employee has no interest in the Account or in any investments Xxxx may purchase with such amounts, except as a general, unsecured creditor of Xxxx. This Agreement at all times shall be entirely unfunded. The Employee’s Account is merely a record for measuring and determining the amount of the potential benefits to be paid by Xxxx to, or with respect to, Employee under this Agreement, and such Account shall be established solely for such bookkeeping purposes. Xxxx shall not be required to segregate any funds or other assets to be used for payment of benefits under this Agreement. The Employee’s Account shall not be, or be considered as evidence of the creation of, a trust fund, an escrow or any other segregation of assets for the benefit of Employee or any beneficiary of Employee. There is no guaranty of benefit payments to the Employee. The obligation of Xxxx to make the payments under this Agreement is an unsecured contractual obligation only, and neither Employee nor any beneficiary of Employee shall have any beneficial or preferred interest by way of trust, escrow, lien or otherwise in and to any specific assets or funds. Employee and each beneficiary of Employee shall look solely to the general credit of Xxxx for satisfaction of any obligations due or to become due under this Agreement. Should Xxxx elect to make contributions to a trust (hereinafter referred to as the “Trust”) to assist Xxxx in paying the benefits which may accrue hereunder, the amounts contributed shall be used to purchase the deemed investments under Paragraph 3, subject to application of the provisions of this Paragraph 7 to the actual investments. However, contributions to the Trust shall not reduce or otherwise affect Xxxx’x liability to pay benefits under this Agreement (which benefits may be paid from the Trust or from Xxxx’x general assets, in Xxxx’x discretion), except that Xxxx’x liability shall be reduced by actual benefit payments from the Trust (and the Account shall be appropriately adjusted to reflect such payments). If any such investments, or any contributions to the Trust, are made by Xxxx, such investments shall have been made solely for the purpose of aiding Xxxx in meeting its obligations under this Agreement, and, except for actual contributions to the Trust, no trust or trust fund is ...
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Unfunded Nature of the Agreement. This Agreement shall constitute a mere promise by the Company to make a payment or payments to Executive (or to his designated beneficiary) in the future. All benefits under this Agreement shall be paid solely from the general assets of the Company. It is the intention of the Company and Executive that (i) this Agreement shall be deemed to be unfunded for federal and state income tax purposes, and (ii) to the extent this Agreement is considered to be a plan for purposes of the Executive Retirement Income Security Act of 1974, as amended (“ERISA”), this Agreement shall constitute an unfunded plan for the purpose of providing deferred compensation to a highly compensated Executive for purposes of Title I of ERISA.
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Unfunded Nature of the Agreement. This Agreement and the obligations hereunder will be unfunded. The Bank will not establish any special or separate fund or segregate any of its assets to assure payment hereunder.
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Related to Unfunded Nature of the Agreement

  • LIFE OF THE AGREEMENT 8.1. Unless otherwise terminated by operation of law or by acts of the parties in accordance with the terms of this Agreement, this Agreement will be in force from the Effective Date and will remain in effect for the life of the last-to-expire patent licensed under this Agreement, or until the last patent application licensed under this Agreement is abandoned, or in the event no patent issues, for a period of fifteen (15) years from market introduction for the last to be introduced Proprietary Product in the United States.

  • Scope of the Agreement The text of this Agreement and all Exhibits, Schedules and Amendments are considered to be the entire agreement between the parties. There are no other understandings or agreements between the parties regarding the policies reinsured other than as expressed in this Agreement. The parties may make changes or additions to this Agreement, but they will not be considered to be in effect unless they are made by means of a written amendment that has been signed and dated by both parties.

  • of the Agreement Article V of the Agreement shall read in its entirety as follows and shall be applicable only to the Investor Certificateholders:

  • Duration of the Agreement This Agreement shall come into effect on the day and year stated in Box 4 and shall continue until the date stated in Box 17. Thereafter it shall continue until terminated by either party giving to the other notice in writing, in which event the Agreement shall terminate upon the expiration of a period of two months from the date upon which such notice was given.

  • Termination of the Agreement The Employment may be terminated as follows:

  • Construction of the Agreement; Fund Participation Agreements The parties have entered into one or more Fund Participation Agreements between or among them for the purchase and redemption of shares of the Funds by the Accounts in connection with the Contracts. This Agreement supplements those Fund Participation Agreements. To the extent the terms of this Agreement conflict with the terms of a Fund Participation Agreement, the terms of this Agreement shall control.

  • Terms of the Agreement Each Party shall treat the terms of this Agreement as the Confidential Information of other Party, subject to the exceptions set forth in Section 7.2. Notwithstanding the foregoing, each Party acknowledges that the other Party may be obligated to file a copy of this Agreement with the SEC, either as of the Effective Date or at some point during the Term. Each Party shall be entitled to make such a required filing, provided that it requests confidential treatment of certain commercial terms and sensitive technical terms hereof to the extent such confidential treatment is reasonably available to it. In the event of any such filing, the filing Party shall provide the other Party with a copy of the Agreement marked to show provisions for which the filing Party intends to seek confidential treatment and shall reasonably consider and incorporate the other Party’s comments thereon to the extent consistent with the legal requirements governing redaction of information from material agreements that must be publicly filed. The other Party shall promptly provide any such comments.

  • Amendment of the Agreement The Agreement is hereby amended as follows:

  • Benefit of the Agreement This Agreement shall enure to the benefit of and be binding upon the respective successors and permitted assigns of the parties hereto.

  • Assignment of the Agreement This Agreement and the rights hereunder may be assigned by FirstLink to any majority-owned subsidiary of FirstLink or to an affiliate or party acquiring all or substantially all of the assets of FirstLink upon prior written consent of Owner. Such consent shall not be unreasonably withheld. Alternatively, the Agreement may be assigned by FirstLink to any FirstLink subsidiary so long as FirstLink agrees in writing that it shall remain liable for all obligations arising under this Agreement. FirstLink may also assign this Agreement to any party providing financing to FirstLink; provided that such assignment shall not relieve FirstLink from its obligations hereunder. In connection with a sale or disposition of the Properties, Owner shall request FirstLink's written consent to assign this Agreement and shall require any subsequent owner of the Properties to assume this Agreement and the rights and obligations hereunder. Subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of the respective parties to this Agreement.

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