UNFUNDED AND UNSECURED Sample Clauses

UNFUNDED AND UNSECURED. The obligations of the Company under this Agreement shall be unfunded and unsecured. With respect to any payments to which the Executive has a fixed and vested interest but that have not yet been made by the Company, nothing contained herein shall give the Executive any rights that are greater than those of a general unsecured creditor of the Company.
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UNFUNDED AND UNSECURED. 6.01 The rights of the Executive or beneficiary under this Plan are purely contractual and shall not be funded or secured in any way. Payments to the Executive or his beneficiary hereunder shall be made only from the general assets of the Company, and no person, other than the Company, shall have any interest in such assets, including any life insurance policy that the Company may acquire on the Executive for purposes of this Agreement. Such assets and insurance are available to satisfy the claims of the Company's general creditors and, to the extent any person acquires a right to receive payments from the Company under the terms of this Plan, such rights shall be no greater than the right of any unsecured general creditor of the Company.
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UNFUNDED AND UNSECURED. The rights of the Executive and his beneficiary(ies) under this Agreement are purely contractual and shall not be funded or secured in any way. Payments to the Executive or his beneficiary(ies) hereunder shall be made only from the general assets of the Company, and no person, other than the Company, shall have, by virtue of this Agreement, any interest in such assets. Such assets are available to satisfy the claims of the Company's general creditors and, to the extent any person acquires a right to receive payments from the Company under the terms of this Agreement, such rights shall be no greater than the right of any unsecured general creditor of the Company. The Company, in its discretion, may acquire an insurance policy or policies insuring the life of the Executive from which it can satisfy its obligation to make benefit payments pursuant to this Agreement. However, it is expressly understood that any such policy, if acquired, does not create any account or fund separate from the ordinary assets of the Company, and neither the Executive nor his beneficiary(ies) may look to any such policy(ies) as the fund from which benefits hereunder are to be paid. Any such policy so acquired for the convenience of the Company may be the sole and exclusive property of the Company, with the Company named as applicant, owner, and beneficiary thereof; provided further, any such policy shall not be held in trust or as collateral security for the benefit of the Executive or his beneficiary(ies), nor is any representation made herein that such policy, if acquired, will be used to provide benefits under this Agreement. Neither the Executive nor his beneficiary(ies) shall have any beneficial ownership interest in, or preferred or other claim against the life insurance policy, if acquired, on account of this Agreement.
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UNFUNDED AND UNSECURED. All payments hereunder shall be paid in cash from the general funds of the CORPORATION and no special or separate fund shall be established and no other segregation of assets shall be made to assure the payment of benefits hereunder. Nothing contained in this AGREEMENT, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between CORPORATION and EXECUTIVE or any other person, nor shall any general assets be considered security for the performance of the obligations of CORPORATION. Any such assets shall remain a general, unpledged, and unrestricted asset of CORPORATION.
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Related to UNFUNDED AND UNSECURED

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