Unsecured General Creditor definition

Unsecured General Creditor. The Participant, Beneficiary and any other person or persons having or claiming a right to payments hereunder or to any interest in this Plan shall rely solely on the unsecured promise of the Employer set forth herein, and nothing in this Plan shall be construed to give the Participant, Beneficiary, or any other person or persons any right, title, interest or claim in, or to, any specific asset, fund, reserve, account or property of any kind whatsoever owned by the Employer or in which it may have any right, title or interest now or in the future. The Employer shall, however, informally fund its obligations under this Plan through the establishment and maintenance of a Trust. The Employer will make contributions to the Trust, at the end of each calendar quarter, in the amount described in Paragraph 3.01 of this Plan. Once contributed, any and all Trust assets will remain subject to the claims of the Employer's creditors, and the Plan shall remain an unfunded plan within the regulatory framework of ERISA.
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Examples of Unsecured General Creditor in a sentence

  • The JSAs have also filed the MFGUK Unsecured General Creditor Claims in the amount of approximately $5 million.

  • Unsecured General Creditor Participants and their beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, interests, or other claims in any property or assets of the Company, nor shall they be beneficiaries of, or have any rights, claims, or interests in any specified assets of the Company.

  • Unsecured General Creditor Status: Distributions to the Participant or his designated beneficiary(ies) or any other beneficiary(ies) hereunder shall be made from assets which prior to distribution shall continue, for all purposes, to be a part of the general corporate assets and no person (including Participants) shall have any interest in such assets of Ameren, including without limitation the proceeds of life or other insurance policies, by virtue of the provisions of the Plan.

  • Status of Each Participant is that of an Unsecured General Creditor.

  • General Corporate Assets; Unsecured General Creditor Status of Participant .

  • Unsecured General Creditor -------------------------- Participants and their Beneficiaries, heirs and successors shall have no legal or equitable rights, interests or claims in any property or assets of the Company.

  • Unsecured General Creditor Participants and their beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests, or other claim in any property or assets of the Employer.

  • Unsecured General Creditor: Participants and their beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interest, or claims in any property or assets of SBC or any Subsidiary.

  • Unsecured General Creditor...................................................................................

  • ARTICLE 7—MISCELLANEOUS 7.1 Unsecured General Creditor Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interest or claims in any property or assets of Company or any Participating Company.

Related to Unsecured General Creditor

  • Unsecured Creditors means, collectively, the Preferred Creditors and the Ordinary Creditors; and

  • Unsecured Creditor means the holder of an Unsecured Claim.

  • financial creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to;

  • operational creditor means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred;

  • Senior Creditor means a holder or holders of Senior Indebtedness and includes any representative or representatives, agent or agents or trustee or trustees of any such holder or holders;

  • Junior Creditor means any Defaulting Bank which has not (x) fully cured each and every default on its part under the Loan Documents and (y) unconditionally tendered to the Administrative Agent such Defaulting Bank’s Pro Rata Share of all costs, expenses and disbursements required to be paid or reimbursed pursuant to the terms of the Loan Documents.

  • Subordinated Creditors means all creditors the indebtedness of which is subordinated, in the event of the Winding-Up of DSB, in right of payment to the claims of depositors and other unsubordinated creditors of DSB other than those whose claims rank or is expressed to rank by operation of law or contract pari passu with, or junior to, the claims of the Noteholders. For this purpose indebtedness shall include all liabilities, whether actual or contingent;

  • Senior Creditors means, (a) depositors of the Issuer, (b) creditors of the Issuer who are unsubordinated creditors of the Issuer, and (c) creditors of the Issuer whose claims are or are expressed to be subordinated to the claims of other creditors of the Issuer (other than those whose claims are in respect of obligations which constitute, or would but for any applicable limitation on the amount of such capital, constitute, Tier 1 capital or Tier 2 capital or whose claims rank or are expressed to rank pari passu with, or junior to, the claims of holders in respect of the Notes) (whether only in a Winding Up of the Issuer or otherwise);

  • Subordinated Creditor means any creditor of Tenant which is a party to a Subordination Agreement in favor of Landlord.

  • Senior Lenders means each of the lenders from time to time under the Senior Credit Agreement.

  • Unsecured PHI or “PHI that is unsecured” means PHI that is not rendered unusable, 29 unreadable, or indecipherable to unauthorized individuals through the use of a technology or 30 methodology specified by the Secretary of Health and Human Services in the guidance issued on the

  • Federal credit means the Georgia Housing Tax Credit established by the federal government for the purpose of encouraging the development of affordable housing and governed by the Code.

  • Second Lien With respect to each Mortgaged Property, the lien of the mortgage, deed of trust or other instrument securing a Mortgage Note which creates a second lien on the Mortgaged Property.

  • Claimholders means the First Lien Claimholders and/or the Second Lien Claimholders, as the context may require.

  • Senior Lender means each holder of a Senior Note.

  • Original Credit Agreement shall have the meaning assigned to such term in the recitals hereto.

  • Prepetition Lenders means the lenders party to the Prepetition Credit Agreement.

  • ABL Credit Agreement as defined in the recitals hereto.

  • Universal Credit means any payment of Universal Credit payable under the Welfare Reform Act 2012, the Universal Credit Regulations 2013, The Universal Credit (Consequential, Supplementary, Incidental and Miscellaneous Provisions) Regulations 2013, Universal Credit (Miscellaneous Amendments) Regulations 2013 and the Universal Credit (Transitional Provisions) Regulations 2014;

  • Second Lien Claimholders means, at any relevant time, the holders of Second Lien Obligations at that time, including the Second Lien Lenders and the agents under the Second Lien Loan Documents.

  • Lender Creditors shall have the meaning provided in the recitals of this Agreement.

  • ABL Credit Facility means the senior secured asset-based revolving loan facility and the term loan facilities made pursuant to the ABL Credit Agreement.

  • Principal Credit Facility means any loan agreement, credit agreement, note purchase agreement, indenture or similar document under which credit facilities in the aggregate original principal or commitment amount of at least $20,000,000 are provided for.

  • Prepetition Credit Agreement has the meaning specified in the recitals hereto.

  • Second Lien Lenders means the “Lenders” under and as defined in the Second Lien Credit Agreement.

  • Prepetition means arising or accruing prior to the Petition Date.