Common use of Purpose of Accounts Clause in Contracts

Purpose of Accounts. Accounts are maintained for recordkeeping purposes only. A Participant’s Account shall be an unsecured obligation of the University to pay the Participant (or the Participant’s Beneficiary, in the event of the Participant’s death) the amount of the Account at the time provided in Article VI. In no event shall the University’s liability to pay benefits to a Participant under the Plan exceed the value of the amounts credited to the Participant’s Account.