General Creditors Sample Clauses

The 'General Creditors' clause defines the status of parties who are owed money under an agreement, specifying that they will be treated as unsecured creditors in the event of insolvency or liquidation. This means that if the debtor becomes bankrupt, these creditors do not have any special claim to assets and will be paid only after secured creditors have been satisfied. The clause clarifies the priority of claims, ensuring all parties understand their position and the risks involved if the debtor cannot fulfill its obligations.
General Creditors. At all times during the continuance of this Trust, the principal and income of the Trust shall be subject to claims of general creditors of the Employer. (a) The Board of Directors and the Chief Executive Officer of Employer shall have the duty to inform the Trustee in writing of Employer’s Insolvency. If a person claiming to be a creditor of the Employer alleges in writing to the Trustee under penalty of perjury that that Employer has become Insolvent, the Trustee shall take action it deems prudent to determine whether Employer is Insolvent, and, pending such determination, the Trustee shall discontinue payment of benefits to Plan participants or their beneficiaries. (b) Unless the Trustee has actual knowledge of Employer’s Insolvency, or has received notice from Employer or a person claiming to be a creditor alleging that Employer is Insolvent, the Trustee shall have no duty to inquire whether Employer is Insolvent. The Trustee may in all events rely on the determination of the independent accountant regularly auditing the financial records of Employer as to whether Employer is Insolvent. (c) If at any time the Trustee has made or received a determination that Employer is Insolvent, the Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of Employer’s general creditors. Nothing in this Trust Agreement shall in any way diminish any rights of Plan participants or their beneficiaries to pursue their rights as general creditors of the Employer with respect to benefits due under the Plan or otherwise. (d) The Trustee shall resume the payment of benefits to Plan participants or their beneficiaries in accordance with the terms of this Agreement only after the Trustee has received a determination from the independent accountant regularly auditing the financial records of the Employer that the Employer is not Insolvent (or is no longer Insolvent). (e) During the continuance of the Trust, the fees and expenses of the Trustee shall be paid from the Trust Fund if not paid by the Employer.
View SourceView Similar (7)
General Creditors. At all times during the continuance of the Account, as provided in Section 2.4 hereof, the principal and income of the Account will be subject to claims of general creditors of the Customer under federal and state law as set forth below. 4.2.1. The Customer will have the duty to inform the Bank in writing of the Customer's Insolvency. If a person claiming to be a creditor of the Customer alleges in writing to the Bank that the Customer has become Insolvent, the Bank will determine whether the Customer is Insolvent and, pending such determination, the Bank will discontinue payment of benefits to Participants or Beneficiaries. 4.2.2. Unless the Bank has actual knowledge of the Customer's Insolvency, or has received notice from the Customer or a person claiming to be a creditor alleging that the Customer is Insolvent, the Bank will have no duty to inquire whether the Customer is Insolvent. The Bank may in all events rely on such evidence concerning the Customer's solvency as may be furnished to the Bank and that provides the Bank with a reasonable basis for making a determination concerning the Customer's solvency. 4.2.3. If at any time the Bank has determined that the Customer is Insolvent, the Bank will discontinue payments to Participants or Beneficiaries and will hold the assets of the Account for the benefit of the Customer's general creditors. Nothing in this Agreement will in any way diminish any rights of Participants or Beneficiaries to pursue their rights as general creditors of the Customer with respect to benefits due under the Plan or otherwise. 4.2.4. The Bank will resume the payment of benefits to Participants or Beneficiaries in accordance with Section 3 hereof only after the Bank has determined that the Customer is not Insolvent (or is no longer Insolvent).
View SourceView Similar (2)
General Creditors. The Executive has no legal or equitable rights, claims, or interest in any specific property or assets of the Company or any of its Affiliates in connection with the 4
View Source
General Creditors. Each of the Company and its Affiliates shall provide the benefits described in the Plan and allocable to such entity pursuant to the terms of subsection (a) hereof from its general assets. The Company's and Affiliates' obligations to pay benefits under the Plan constitute mere promises of the Company and its Affiliates to pay such benefits; and a Participant or Surviving Spouse shall be and remain no more than an unsecured, general creditor of the Company. EXH 10.4 Table of Contents
View Source
General Creditors. 3 1.10. Insolvent............................................. 3 1.11. Investment Manager.................................... 3 1.12. Participant........................................... 3 1.13. Plan Administrator.................................... 3 1.14. Trust Agreement....................................... 3 1.15.
View Source

Related to General Creditors

  • Unsecured General Creditor The Company shall neither reserve nor specifically set aside funds for the payment of its obligations under this Agreement, and such obligations shall be paid solely from the general assets of the Company.

  • Rights of Creditors (a) This Agreement is unfunded. Neither the Director nor any other persons shall have any interest in any specific asset or assets of the Funds by reason of any Deferral Accounts hereunder, nor any rights to receive distribution of his Deferral Accounts except and as to the extent expressly provided hereunder. The Funds shall not be required to purchase, hold or dispose of any investments pursuant to this Agreement; however, if in order to cover their obligations hereunder the Funds elect to purchase any investments the same shall continue for all purposes to be a part of the general assets and property of the Funds, subject to the claims of their general creditors and no person other than the Funds shall by virtue of the provisions of this Agreement have any interest in such assets other than an interest as a general creditor. (b) The rights of the Director and the Beneficiaries to the amounts held in the Deferral Accounts are unsecured and shall be subject to the creditors of the Funds. With respect to the payment of amounts held under the Deferral Accounts, the Director and his Beneficiaries have the status of unsecured creditors of the Funds. This Agreement is executed on behalf of the Funds by an officer, or other representative, of the Funds as such and not individually. Any obligation of the Funds hereunder shall be an unsecured obligation of the Funds and not of any other person.

  • Creditors None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership.

  • Claims of Creditors The Contract Value and other benefits under this Contract are exempt from the claims of creditors to the extent permitted by law.

  • DEBTORS 13.1 The Buyer shall use all reasonable effort to collect the debts on ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ , ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ 13.2 If it becomes apparent to the Buyer that recovery of any of the book debts is not likely to be possible within ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ , ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ , ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ . 13.3 Where a debtor who has so failed to pay, ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ , ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ 13.4 Unless the debtor shows a contrary intention when making payment, ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ , ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ , ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ 13.5 The Seller may inspect the books of the Buyer for ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ [ 12 ■ ■ ■ ■ ] ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■