Common use of Alienability Clause in Contracts

Alienability. Neither the Participant, his widow, nor any other beneficiary under this Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber in advance any of the benefits payable under this Agreement, in addition no such benefit shall be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance, owed by the Participant or his beneficiary or any of them, or be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise. In the event the Participant or any beneficiary attempts assignment, commutation, hypothecation, transfer, or disposal of the benefit hereunder the Plan Sponsor's liabilities shall forthwith cease and terminate.

Alienability. Neither the Participant, his widow, nor any other beneficiary under this Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber in advance any of the benefits payable under this Agreement, in addition no such benefit shall be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance, owed by the Participant or his beneficiary or any of them, or be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise. In the event the Participant or any beneficiary attempts assignment, commutation, hypothecation, transfer, or disposal of the benefit hereunder the Plan Sponsor's ’s liabilities shall forthwith cease and terminate.