Common use of Unsecured Promise Clause in Contracts

Unsecured Promise. Nothing contained in this Agreement shall create or require the Company or the Bank to create a trust of any kind to fund the benefits payable hereunder. Any insurance policy or other asset acquired or held by, or on behalf of, the Company and/or the Bank or funds allocated by the Company and/or the Bank in connection with the liabilities assumed by the Company and/or the Bank pursuant to this Agreement shall not be deemed to be held under any trust for the benefit of the Consultant or his beneficiaries or to be a security for the performance of the obligations of the Company and/or the Bank pursuant hereto but shall be and remain a general asset of the Company and/or the Bank. To the extent that the Consultant or any other person acquires a right to receive payments from the Company and/or the Bank hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company and/or the Bank.

Unsecured Promise. Nothing contained in this Agreement shall create or require the Company or the Bank to create a trust of any kind to fund the benefits payable hereunder. Any insurance policy or other asset acquired or held by, or on behalf of, the Company and/or the Bank or funds allocated by the Company and/or the Bank in connection with the liabilities assumed by the Company and/or the Bank pursuant to this Agreement shall not be deemed to be held under any trust for the benefit of the Consultant or his beneficiaries or to be a security for the performance of the obligations of the Company and/or the Bank pursuant hereto but shall be and remain a general asset of the Company and/or the Bank. To the extent that the Consultant or any other person acquires a right to receive payments from the Company and/or the Bank hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company and/or the Bank.