Source of Benefits Clause Samples

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. Benefits under the Plan shall be paid or provided for solely from the Trust Fund, and neither the Employer, any Participating Affiliate, the Trustee, the Administrator, nor any Investment Manager or insurance company shall assume any liability under the Plan therefor.

Source of Benefits. The Death Benefit will be paid solely out of the general assets of Employer. In order to pay the Death Benefit provided for under this Agreement, Employer may elect, in its sole discretion, to purchase a life insurance policy on the life of Employee. Employee will cooperate with Employer and any insurance carrier as necessary to obtain the insurance. Employer will be the owner of any policy or policies of life insurance purchased under this Agreement, and any such policy or policies will be, and remain, a general, unpledged, and unrestricted asset of Employer. Neither Employee nor any Beneficiary or other person will have any claim against, right to, or security or other interest in, any specific fund, account, insurance policy, or other asset of Employer with respect to any benefits under this Agreement.

Source of Benefits. All benefits payable under the Plan shall be paid or provided for solely from the Plan’s assets held under the Custodial Agreement and the Employers assume no liability or responsibility therefor.

Source of Benefits. The assets in each Participant's Account will comprise the only source for payment of benefits to which the Participant, or Participant's Beneficiary, is entitled.

Source of Benefits. Benefits under the Plan shall be paid or provided for solely from the Trust, and the Employers assume no liability therefor.

Source of Benefits. The primary source of Benefits shall be the general assets of the Bank. However, the Bank may establish and fund an irrevocable trust (the "Trust"), whereby assets of the Bank will be held by the Trust pursuant to the Trust Agreement, subject to claims by general creditors of the Bank by appropriate judicial action as provided by such Trust. Any insurance policy or any other asset acquired or held by the Bank in connection with the liabilities assumed by it hereunder, shall not be deemed to be held under any trust for the benefit of the Executive or his Surviving Spouse (if any), or to be security for the performance of the obligations of the Bank, but shall be, and remain, a general, unpledged, unrestricted asset of the Bank. Neither Executive nor his Surviving Spouse (if any) shall be named as owner of any insurance policy, if any, held in connection with the liabilities hereunder. The trustee of the Trust shall inform the Board annually prior to the commencement of each fiscal year as to the manner in which Trust assets shall be invested. In the event that funds from the Trust are at any time insufficient to pay Benefits, the obligation to pay Benefits shall constitute an unfunded, unsecured promise by the Bank to provide such payments as and to the extent such Benefits become payable. In such case, Benefits shall be paid from the general assets of the Bank, and no person shall, by virtue of this Agreement, have any interest in such assets (other than as an unsecured creditor of the Bank).

Source of Benefits. Nothing contained in this Agreement and no action taken pursuant to the provisions of this Agreement shall create or be construed to create a trust of any kind, or a fiduciary relationship between Smurfit-Stone and Executive, or Executive’s spouse, or any other person. This Agreement does not create any escrow account, trust fund or any other form of asset segregation. Any Retirement Benefits due under the provisions of this Agreement shall be paid from the general assets of Smurfit-Stone, except that in the discretion of Smurfit-Stone, any Retirement Benefit payment may be made from a trust, if any, established by Smurfit-Stone for such purpose.

Source of Benefits. The conditions of coverage, benefits, manner and time of payment, and other provisions regarding the welfare benefits hereunder are set forth in the Coverage Documents and by this reference are made a part hereof. The conditions of coverage, benefits, manner and time of payment, and other provisions regarding the Flexible Benefits Plan, Health Care Flexible Spending Accounts, and Dependent Care Flexible Spending Account are as set forth in Articles VI, VII, and VIII, respectively. To the extent the Employer self-insures the benefits and coverages, in full or in part, under the Plan, benefits payable on behalf of the Participants that are self-insured by the Employer shall be paid from the general assets of the Employer and/or from Participants’ contributions as specified in Section 5.01 above, in the applicable Coverage Documents, and in the Flexible Benefits Plan (as applicable). To the extent coverage and benefits under the Plan are provided through an Insurance Contract or, if applicable, Provider Group Contract, all associated premiums shall be paid from the general assets of the Employer and Participants’ contributions (as specified in Section 5.01 above, in the applicable Coverage Documents, and/or in the enrollment materials, and in the Flexible Benefits Plan, as applicable) to such Insurer or Provider Organization. The terms and conditions for coverage and benefits are as set forth in such Insurance Contracts and/or Provider Group Contracts, which are Coverage Documents, and the Participants shall look solely and exclusively to such Insurance Contracts and/or Provider Group Contracts for the payment of all claims and/or the provision of coverage thereunder. The terms and conditions of coverage and benefits as set forth in the Coverage Documents, which constitute Insurance Contracts and Provider Group Contracts, will determine whether a claim for benefits under such Coverage Documents will be granted or denied. Neither the Plan Administrator, Ardent Health Services, nor any other Employer has the authority to make, influence or alter the determinations made by the Insurer or Provider Organization that issued such contract(s), in regard to claims for benefits under such contract(s) (except as otherwise provided in the applicable Coverage Document).