Common use of General Creditors Clause in Contracts

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).

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 Board of Directors and the Chief Executive Officer of 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).