Common use of Irrevocability; Creditor Claims Clause in Contracts

Irrevocability; Creditor Claims. The Trust hereby established shall be irrevocable. Except as otherwise provided in Sections 2.4, 9.2 and 9.3, the principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes of the Participants and the general creditors of the Company as herein set forth. The Participants and their Beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of the Participants and their Beneficiaries against the Company. Any assets held by the Trust will be subject to the claims of the Company's general creditors under federal and state law in the event of Insolvency.

Appears in 1 contract

Samples: Trust Agreement (J Jill Group Inc)

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Irrevocability; Creditor Claims. The Trust hereby established shall be irrevocable. Except as otherwise provided in Sections 2.4, 9.2 Section 2.5 and 9.39.2, the principal of the Trust, and any earnings earning thereon, shall be held separate and apart from other funds of the Company and the Affiliates and shall be used exclusively for the uses and purposes of the Participants participants and the general creditors of the Company and the Affiliates as herein set forth. The Participants and their Beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan Plans and this Master Trust Agreement shall be mere unsecured contractual rights of the Participants and their Beneficiaries against the CompanyCompany and the Affiliates. Any assets held by the Trust will be subject to the claims of the Company's and the Affiliates' general creditors under federal and state law in the event of Insolvency.

Appears in 1 contract

Samples: Master Trust Agreement (Charter One Financial Inc)

Irrevocability; Creditor Claims. The Trust hereby established shall be irrevocable. Except as otherwise provided in Sections 2.4, 9.2 and 9.3, the principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes of the Participants and the general creditors of the Company as herein set forth. The Participants and their Beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of the Participants and their Beneficiaries against the Company. Any assets held by the Trust will be subject to the claims of the Company's ’s general creditors under federal and state law in the event of Insolvency.

Appears in 1 contract

Samples: Trust Agreement (J Jill Group Inc)

Irrevocability; Creditor Claims. The Trust hereby established shall be irrevocable. Except as otherwise provided in Sections 2.4, 9.2 2.4 and 9.39.2, the principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes of the Participants and the general creditors of the Company as herein set forth. The Participants and their Beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of the Participants and their Beneficiaries against the Company. Any assets held by the Trust will be subject to the claims of the Company's general creditors under federal and state law in the event of Insolvency.

Appears in 1 contract

Samples: Trust Agreement (J Jill Group Inc)

Irrevocability; Creditor Claims. The Trust hereby established shall be irrevocable. Except as otherwise provided in Sections 2.4, 9.2 Section 2.5 and 9.39.2, the principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes of the Participants and the general creditors of the Company as herein set forth. The Participants and their Beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Master Trust Agreement shall be mere unsecured contractual rights of the Participants and their Beneficiaries against the Company. Any assets held by the Trust will be subject to the claims of the Company's general creditors under federal and state law in the event of Insolvencythe Company becomes Insolvent (as defined below).

Appears in 1 contract

Samples: Master Trust Agreement (Certified Grocers of California LTD)

Irrevocability; Creditor Claims. The Trust hereby established -------------------------------- shall be irrevocable. Except as otherwise provided in Sections 2.4, 9.2 and 9.3Section 7.2, the principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes of the Participants and the general creditors of the Company as herein set forth. The Participants and their Beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan Plans and this Master Trust Agreement shall be mere unsecured contractual rights of the Participants and their Beneficiaries against the Company. Any assets held by the Trust will be subject to the claims of the Company's general creditors under federal and state law in the event of InsolvencyInsolvency (as defined below).

Appears in 1 contract

Samples: Master Trust Agreement (Zero Corp)

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Irrevocability; Creditor Claims. The Subject to Sections 2.4 and 8.3, the Trust hereby established shall be irrevocable. Except as otherwise provided in Sections 2.4, 9.2 2.4 and 9.38.2, the principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the Company Companies and shall be used exclusively for the uses and purposes of the Participants and the general creditors of the Company Companies as herein set forth. The Participants and their Beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of the Participants and their Beneficiaries against the applicable Company. Any assets held by the Trust will be subject to the claims of the Company's general creditors of a Company under federal and state law in the event of its Insolvency.

Appears in 1 contract

Samples: Trust Agreement (Mercantile Bankshares Corp)

Irrevocability; Creditor Claims. The Trust hereby established shall be irrevocable. Except as otherwise provided in Sections 2.4, 9.2 2.4 and 9.39.2, the principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the Company and the Affiliates and shall be used exclusively for the uses and purposes of the Participants and the general creditors of the Company and the Affiliates as herein set forth. The Participants and their Beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of the Participants and their Beneficiaries against the CompanyCompany and the Affiliates. Any assets held by the Trust will be subject to the claims of the Company's and the Affiliates' general creditors under federal and state law in the event of Insolvency.

Appears in 1 contract

Samples: Trust Agreement (Claiborne Liz Inc)

Irrevocability; Creditor Claims. The Trust hereby established shall be irrevocable. Except as otherwise provided in Sections 2.4, 9.2 2.4 and 9.39.2, the principal of the Trust, and any earnings thereon, shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes of the Participants and the general creditors of the Company as herein set forth. The Participants and their Beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of the Participants and their Beneficiaries against the Company. Any assets held by the Trust will be subject to the claims of the Company's ’s general creditors under federal and state law in the event of Insolvency.

Appears in 1 contract

Samples: Trust Agreement (J Jill Group Inc)

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