Creditor Status. No benefit or promise hereunder shall be secured by any specific assets of the Company. Executive shall have only the rights of an unsecured general creditor of the Company in seeking satisfaction of such benefits or promises.
Creditor Status. The Severance Benefits and Change in Control Benefits to which Executive may become entitled under Section 7 of this Agreement will be paid, when due, from the Company’s general assets, and no trust fund escrow arrangement or other segregated account will be established as a funding vehicle for such payments. Executive is not waiving any rights he may have to collect any monies due to Executive under this Agreement in the same manner as any other employee of the Company would have.
Creditor Status. The benefits to which Executive may become entitled under Part Two of this Agreement shall be paid, when due, from the Company’s general assets, and no trust fund, escrow arrangement or other segregated account shall be established as a funding vehicle for such payments. Executive is not waiving any rights he may have to collect any monies due to Executive under this Agreement in the same manner as any other employee of the Company would have.
Creditor Status. This Option and any Shares payable pursuant thereto (1) may not be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, the Participant, the Participant's beneficiary or any other person, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings and (2) shall not be subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, charge, attachment, garnishment, levy or execution by Participant, Participant's beneficiary, the creditors of either, and any other person. In the event of a violation or attempted violation of any of the restrictions and/or provisions of this subsection, the Company has the sole discretion and authority to terminate this Option (without any compensation therefore) by written notice to Participant and it shall thereupon become null and void.
Creditor Status. The Executive shall have no legal or equitable rights, interests, or claims in or to any particular property or assets of the Company, all of which shall be and remain the general unrestricted assets of the Company. If any amount becomes payable to the Executive under this agreement, including but not limited to a discretionary payment to the Executive's estate in the event of the Executive's death, the Executive or his estate, as the case may be, shall be and have the status of a general unsecured creditor of the Company; and this agreement constitutes a mere unfunded and unsecured contingent promise of the Company to make a certain payment in the future if all of the preconditions to such payment are fully satisfied.
Creditor Status. This Option and any Shares payable pursuant --------------- thereto (1) may not be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, the Participant, the Participant's beneficiary or any other person, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings and (2) shall not be subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, charge, attachment, garnishment, Xxxxx Xxxxxx Stock Option Agreement, cont. 3 ------------------------------------------------------------------------------- levy or execution by Participant, Participant's beneficiary, the creditors of either, and any other person. In the event of a violation or attempted violation of any of the restrictions and/or provisions of this subsection, the Company has the sole discretion and authority to terminate this Option (without any compensation therefore) by written notice to Participant and it shall thereupon become null and void.
Creditor Status. The Grantor shall be a general creditor of the Company under this Agreement and any obligation of the Company to the Grantee under this Agreement shall be subordinated to any obligation of the Company to the various lending institutions under the Amended and Restated Credit Agreement, dated as of May 8, 2007 and as amended or restated from time to time, among the Company, various designated subsidiary borrowers, various lending institutions and JPMorgan Chase Bank, N.A., as Administrative Agent.
Creditor Status. No creditor of the Partnership shall become a Partner as a result of making such loan unless such creditor becomes a Partner in accordance with Article X hereof.
Creditor Status. Participants and their Beneficiaries will have no legal or equitable rights, interest or claims in any property or asset of the Employer, nor will they be beneficiaries of, or have any rights, claims or interests in any life insurance Policies, annuity contract Policies, or the proceeds therefrom owned by or which may be acquired by the Employer. Such Policies or other assets of the Employer will not be held in trust for the benefit of Participants or their Beneficiaries or held in any way as collateral security for the fulfilling of the obligations of the Employer under this Plan. Any and all of the Employer's assets and Policies will be, and remain, the general, unpledged, unrestricted assets of the Employer. The Employer's obligation under the Plan will be merely that of an unfunded and unsecured promise of the Employer to pay money in the future.
Creditor Status. A Participant to whom a Stock Unit is granted shall be no more than a general and unsecured creditor of First Financial with respect to any cash payment due under such grant.
