Unsecured General Creditor Sample Clauses

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. Notwithstanding that Employee may be entitled to receive the value of his benefit under the terms and conditions of this Agreement, the assets from which such amount may be paid shall at all times be subject to the claims of the Company's creditors.
Unsecured General Creditor. The Executive and the Executive's beneficiary shall have no legal or equitable rights, interests or claims in or to any property or assets of the Employer. No assets of the Employer shall be held under any trust for the benefit of the Executive or his beneficiaries or held in any way as security for the fulfillment of the obligations of the Employer under this Agreement. All of the Employer's assets shall be and remain the general unpledged, unrestricted assets of the Employer. The Employer's obligation under this Agreement shall be that of an unfunded and unsecured promise by the Employer to pay money in the future. The Executive and its beneficiaries shall be unsecured creditors with respect to any benefits hereunder.
Unsecured General Creditor. Neither Executive nor any other person or entity shall have any legal right or equitable rights interests or claims in or to any property or assets of the Employer under the provisions of this Agreement. No assets of the Employer shall be held under any trust for the benefit of Executive or any other person or entity or held in any way as security for the fulfilling of the obligations of the Employer under this Agreement. All of the Employer’s assets shall be and remain the general, unpledged, unrestricted assets of the Employer. The Employer’s obligations under this Agreement are unfunded and unsecured promises, and to the extent such promises involve the payment of money, they are promises to pay money in the future. Executive and any person or entity claiming through him shall be unsecured general creditors with respect to any rights or benefits hereunder.
Unsecured General Creditor. The Executive's rights are limited to the right to receive payments as provided in this Agreement and the Executive's position with respect thereto is that of a general unsecured creditor of the Bank.
Unsecured General Creditor. Executives and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the Company. For purposes of the payment of benefits under this Agreement, any and all of the Company’s assets shall be, and remain, the general, unpledged unrestricted assets of the Company. The Company’s obligation under the Agreement shall be merely that of an unfunded and unsecured promise to pay money in the future.
Unsecured General Creditor. Participants and their Beneficiaries, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the Bank. Any and all of the Bank’s assets shall be, and remain, the general, unpledged, unrestricted assets of the Bank. The Bank’s obligation under this Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.
Unsecured General Creditor. Neither the Executive nor anyone else claiming on behalf of or through the Executive shall have any right with respect to, or claim against, any insurance policy or other asset the Company may acquire to assist it in financing its obligations under this Agreement. The Executive shall be an unsecured general creditor of the Company with respect to any amount payable under this Agreement.
Unsecured General Creditor. The Executive and the Executive's Designated Beneficiary shall have no legal or equitable rights, interest or claims in or to any property or assets of the Corporation. All the Corporation's assets shall be and remain the general unpledged, unrestricted assets of the Corporation. The Corporation's obligation under this Agreement shall be that of an unfunded and unsecured promise by the Corporation to pay money in the future. The Executive and his Designated Beneficiary shall be unsecured creditors with respect to any benefits hereunder.
Unsecured General Creditor. Notwithstanding any other provision of this Plan, Participants and Participants' Beneficiary shall be unsecured general creditors, with no secured or preferential rights to any assets of Company or any other party for payment of benefits under this Plan. Any property held by Company for the purpose of generating the cash flow for benefit payments shall remain its general, unpledged and unrestricted assets. Company's obligation under the Plan shall be an unfunded and unsecured promise to pay money in the future.