Common use of GENERAL ASSETS OF THE CORPORATION Clause in Contracts

GENERAL ASSETS OF THE CORPORATION. The rights of the Executive under this Agreement and of any Beneficiary shall be solely those of an unsecured creditor of the Corporation. If the Corporation shall acquire an insurance policy or any other asset in connection with the liabilities assumed by it hereunder, it is expressly understood and agreed that neither the Executive nor any Beneficiary shall have any right with respect to, or claim against, such policy or other asset. Such policy or asset shall not be deemed to be held under any trust for the benefit of the Executive or his Beneficiaries or to be held in any way as collateral security for the fulfilling of the obligations of the Corporation under this Agreement. It shall be, and remain, a general, unpledged, unrestricted asset of the Corporation and the Executive or any of his Beneficiaries shall not have a greater claim to the insurance policy or other assets, or any interest in either of them, than any other general creditor of the Corporation.

GENERAL ASSETS OF THE CORPORATION. The rights of the Executive under this Agreement and of any Beneficiary beneficiary of the Executive shall be solely those of an unsecured creditor of the Corporation. If the Corporation shall acquire an insurance policy or any other asset in connection with the liabilities assumed by it hereunder, it is expressly understood and agreed that neither the Executive nor any Beneficiary beneficiary of Executive shall have any right with respect to, or claim against, such policy or other asset. Such policy or asset shall not be deemed to be held under any trust for the benefit of the Executive or his Beneficiaries beneficiaries or to be held in any way as collateral security for the fulfilling of the obligations of the Corporation under this Agreement. It shall be, and remain, a general, unpledged, unrestricted asset of the Corporation and the Executive or any of his Beneficiaries beneficiaries shall not have a greater claim to the insurance policy or other assets, or any interest in either of them, than any other general creditor of the Corporation.